- Before sale of the property, obtain a valuation report from the government approved registered valuer in respect to the FMV (i.e. Fair Market value) of the property. The valuation report should contain detailed reasons in arriving at the FMV of the property
- Under Income tax, sale consideration will be Rs.8 lacs. As stamp duty would be payable on stamp duty value i.e. Rs.19 lacs, adopting FMV under income tax may attract litigation
- You can also challenge stamp duty value of Rs.19 lacs adopted by the state authority for payment of stamp duty
For detailed discussion you may opt for phone consultation
