Lets say a house is worth 30 Lacs when purchased and now its 40 Lacs as per registrar guideline value in Chennai, Tamil Nadu. Its my understanding that a buyer cannot quote less than the given guideline value while affecting a sale deed for that property. In this case the sale deed price must be or be above 40 Lacs for purpose of computing the stamp duty (8%+1%).
Now if the buyer and seller are willing to do the transaction at "market" price of say Rs. 70 Lacs, but registrar refuses to accept the value above guideline value (this is common even though its beneficial to the government taxwise), then can the buyer pay a cheque for sale deed value (40 Lacs) and the difference (70-40) as an another cheque to the seller and seller can declare it as income (70-40=30 Lacs) and capital gains (40-30=10 Lacs) in the tax return ?
