I need a clarification on taxation on property purchase.Please help me understand.
say Government value of the property is Rs10 lakhs and property is registered for 6lakhs using RTO document. And stamp duty has been paid for 10lakhs. Now in this case do we need to pay Income tax for the difference between government value and registered value ie 4 lakhs? Is that a rule? if so could you please show me the incometax rules link.
say Government value of the property is Rs10 lakhs and property is registered for 6lakhs using RTO document. And stamp duty has been paid for 10lakhs. Now in this case do we need to pay Income tax for the difference between government value and registered value ie 4 lakhs? Is that a rule? if so could you please show me the incometax rules link.