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Audry Fernandes (nil)     23 June 2011

ready reck rate for Tax on property transfer

I have been advised that even if property is transfered at a very low rate with no black money involved, the seller will have to pay tax on the ready reckoner rate.

Is this true? I feel that this cannot be legal. What if someone is paid a below market rate salary by his employer, does he have to pay tax on what others earn for the job that he does?


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