Dear Sir,
As per Section 50 C of the Income-tax Act, the Sale Consideration should be minimum of the value adopted for Stamp duty purposes.
If the same is registered for value less than the value adopted for stampduty purposes, the stamp duty value will be taken as the Sale Consideration.
In veiw of the above, you have two choices :-
1) Register the property as per Stamp Duty valuation, and pay Capital Gans tax tax on the transaction after considering the Indexation benefits. The Long Term Capital gains tax will be approximately 15 lakhs. You need to provide further details for arriving at the exact amount of Capital Gain taxes.
2) You can dispute the value adopted by Stamp duty authority and the value finally accepted by the stamp duty authority will be final. Then you can recalculate the capital gain and pay the same. If you do not dispute the valuation adopted by the Stamp duty authority, then the value as determined by the Valuation officer , referred by the Income tax officer.
Thanks & regards
- CA B S Sridhar