I have sell my flat for X amount , the lawyer made agreement for Y amount which is less than X ( the actual sell value ) just to reduced the stamp duty charges to the purchaser , in this case I gain X-Y diff amount as benefit,
Just wanted to know is their any tax on this amount, and how much.
Appreciate your quick reply
Capital gain calculations is having a formula. These calculations show the approximate capital gain taxes deferred by performing an IRC Section 1031 exchange with Asset Preservation, etc. Inflation index also take into consideration.