I have in problem.
My client purchased as Flat at urban area with joint name, both are female
Details of property
Name of owner : Smt S. Agarwal & Smt S. D. Agarwal
D O entering into agreement for purchase : 03.04.2006
D O Registry : 30.03.2010
Value of Purchase property : 20 lakh
Stamp duty value for Govt : 40.50 Lakh
Now my assesse want ot sale her property.
Problem is that actual selling value of such property is 25 Lakh.
Govt Stamp duty value is near Rs. 45 Lakh.
According to latest amendment Section 50C of IT Act AO of IT Department will consider the stamp duty Value as capital gain profit. It will attract big amount of income tax.
What i have to suggest my client?
Plz guide me.