Mr XYZ Booked a Flat in April '2007 for Rs 35 Lkhs at the then Market Valuation of the same amount as stated by the property valuation dept of the ADSR. The Flat was to be delivered by March'2010. The construction got delaed & the said flat was finally Registered in April'2012 for the same amount. But by this time the market value of the said flat increased to Rs 55 Lakhs & Stamp Duty , Registration fees was charged at the enhanced Market Value of the Flat of Rs 55 Lkhs
In the Annual Return to IT Dept for 2012/13 what value of the flat is to be shown by Mr XYZ for which he actually paid Rs 35 Lkhs ( Market Value Rs 55 Lkhs)
Urgent Legal opinion is sought with case Laws
