Sale of rural agricutural land above registered value

I had sold a rural agricultural land for RS. 75 Lakhs , how ever i had registered the same land for Rs, 17 Lakhs as the buyer is not ready to pay stamp duty. I had received the entire consideration of Rs. 75Lakhs by way of account payee cheque and the buyer had cionfirmed vide a detailed letter to assessing officer that the actula sale consideration was Rs. 75Lakhs How ever the AO is proposing that on Rs. 17 Lakhs (Registered Value) shall be taken as sale consideration and the balance shall be treated as other income and tax it. Are there any case laws in my favour so that i can claim RS. 75 lakhs as exempt income on sale of Rural agricultural land  ?Do not use ALL CAPS.
Asked 9 months ago in Capital Gains Tax from Visakhapatnam, Andhra Pradesh
No The amount of Rs.75 Lakhs shall be taken as sale proceeds and calculate capital gains accordingly or exemption . The case laws will check and send.
Shyam Sunder Modani
CA, Hyderabad
955 Answers
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Dear Sir,

you have to fight this out in appeal. it is highly unlikely that AO will consider your point
Abhishek Dugar
CA, Mumbai
766 Answers
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Dear Sir,

The AO will obviously consider Rs.17 Lacs as the registered as that is what your Documents says. He will go by documentary evidence produced by you, which itself says that you sold the Land for Rs.17 Lacs.

Please take expert opinions before entering into such high value transactions than getting stuck later on.

Instead of a Letter attach an Affidavit bearing Oath by the purchaser of the Land and submit it to your AO. The AO may still not accept your claim as he will always think from the Revenue point of view. You may file an appeal with the Commissioner(appeals) which may consider your case or else to ITAT.

Trust this clarifies your query. 

Feel free to get back/ call back for any further clarifications. 

Thanking You. 

Regards,
Rohit R Sharma
BCOM, ACA, LLB - GEN, CERT. FAFP
Rohit R Sharma
CA, Mumbai
719 Answers
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