The variance between the stated property values (Mobadla and Bazaar Bhav) has implications for capital gains tax under Section 50C of the Income Tax Act, 1961, when the sale consideration is less than the value adopted by the stamp valuation authority. The Act prescribes that if the consideration received or accruing from the transfer of a capital asset is less than the value adopted for stamp duty, the latter will be deemed as the full value of consideration for computing capital gains.
However, Section 50C provides relief if the difference is within 10% of the declared sale consideration. In your case, as the variation exceeds 10%, the stamp duty value of ₹58,00,000 will be considered the full value for computing capital gains for both you and your mother.
The case of "Smt. Renu Jhunjhunwala vs. ITO" emphasizes that the stamp duty value is conclusive evidence of the property's fair market value unless proved otherwise. Given this, although you paid stamp duty on ₹58,00,000, the disparity might lead to additional tax liabilities based on the higher valuation of ₹58,25,745.86.
Consult with your CA to explore any possible remedies or provisions that might apply in your case, such as challenging the stamp valuation report or exploring other valuation methods to establish the property's fair market value.
