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Should we invest resale value into low property rate?- Property Hotline
Posted
November 23, 2016
Views
100
November 23, 2016
100
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3:53
4:11Now PlayingExpert: Vinay Singh, Tax and Legal Expert
Question: I want to buy a house in Bengaluru. I orally agreed last month with the owner to buy it as soon as he gives the documents. I wanted to buy another property after that. Also the sale deeds are not registered as percentage of registration fee and stamp duty are to be reduced from 8.5% to 4% and the registration will not be on government value as done now, but will be on market value. Is there any move to prevent resale of property at a higher value than what is registered to new future? Can such resale at a higher or lower price be prevented?
Answer: If you register the agreement at a value lower than the circle rate or ready reckoner rate, you will end up paying tax. So it Is not advisable to do that because you will be subjected to the scrutiny and you will have to pay tax, interest or penalty.
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