Hello every one:- Here is a provison regarding capital gain. If you sell some capital asset being land or building to any person and the value is un resonable dont think to escape tax liabilily.
If you sell any land or building and the sell consideration is less that the value determied by stamp valuation authority i.e the stamp vale, then the actual sell consideration will be the vale so detarmined. Moreover, if the value so determined is more than rs.50000 than the actaul sell consideration, then the differential amount will be taxable as : Income From other Sources' u/S 56 (2) (Vii).
If you think the value determined by the valuation authority is more than the fair market value of the property, and the value so adopted or assessed is not disputed in any appeal, or tribunal etc, then the assessing officer may refer to a valuation officer for the purpose of valuation of the property. If the value so determined by the valuation officer is more than the value dtermined by valuation authority earler, then the value determined by the valuation officer will be the sell consideration. The differece between such value and actual sell consideartion will be taxable as " income from Other sources" under section 56 (2) (Vii).
So, you can have a variation within rs.50,000/- from the proposed stamp value.
