My friend sold a plot with reference to the present guideline value for 2.60 lakh rupees which is mentioned very clearly in the sale deed registered in tamilnadu. But the market price is thirty lakhs. The full money of 30 lakhs been transferred by the buyer to the sellers account.
Now in case of an IT observation what sort of legal issues should be faced by the seller? Is it leads to a criminal offence or paying the income tax for that 27.40 lakhs (30 - 2.60) will resolve all the issues?
Please clarify.
👍🙏
gk
