Tax on property purchase

swati rane (Querist) 06 June 2016 This query is : Resolved
We are purchasing flat below reckoner rate. Reckoner rate is Rs.1,04,00,000 and Agreement Value Rs. 72,00,000

Reason for low value of flat may be

1. Building is 27 years old.
2. Carpet area for this flat is 250 sq feet
3. Market is down
4. In today's date most of the people don't purchase 1 rk flat at 80 lakh. I can get 1 BHK spacious flat in suburbs. But we don't want to leave prabhadevi area. So we are compromising on cost and carpet area part

Some one told us that we have to pay tax on difference amount between Recknor Rate & sale value ( Rs. 1,04,00,000 - 82,00,000).

Is this true? Please confirm

If yes then is there any other way to avoid this tax or to minimise this tax? Please confirm.

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N R Dash.. (Expert) 07 June 2016
Not a legal query. Further, suggestions are not given to bypass the system & cheat.

swati rane (Querist) 07 June 2016

Don't give suggestions but at least you should answer my first question..

Adv. Sagar R. Jadhav (Expert) 08 June 2016
You require to pay stamp duty and registration charges on the amount which is decided by the current ready recknor.