Punit
1
Hi,
I plan to buy an under construction property for 1.5cr. The owner had bought it for 52 lacs and has paid all but 5 lacs. Possession is due in next few months. If I buy it now, I'll be paying 1.5cr but cost of the property will remain 52 lacs. How does this impact my tax returns?
Thanks Punit
Cost of new property would be maximum of government circle rate or registered deed value.
If registered deed is done for 1.5 crore and accordingly stamp duty is paid, your cost would be assumed as 1.5 crore.
But if you show property value in registered deed as 1 crore (which is, say, as per government circle rates in area) cost of such property would be assumed as 1 crore.
If you show value of property below government rate in registered deed, cost of property would still be considered as per govt rate.
