I am facing some issues with regards to the guideline values by the government. I had lent 10 lks to a friend, but he couldn't repay it to me so he give me a property which was worth 12 lakhs. The property is 30 lks according to the government guidelines so I am having to pay tax for the difference. Is there a solution to this?


Answered on November 08, 2017
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  • No, under the relavent Income tax and Stamp act provisions, stamp duty and income tax is assessed based on the market value of the property. However if the genuine market value is infact Rs.12 Lakhs, then you would have to file appeals challenging the assessment of the property at Rs.30Lakhs before the Stamp authorities first and if the transaction is infact concluded, also before the Income tax authorities if they continue to assess the property at Rs.30 Lakhs.