Answer

1. F

   Facts

   For land or building, if stamp duty value is more than 110% of the sale price, the stamp value is taken as sale consideration. If it is within 110%, the actual price is accepted. You can dispute the stamp value before a valuation officer.

2. P

   Provisions and law

   • Sec 50C (now Sec 78)For land or building, stamp duty value replaces the sale price if it is higher by more than 10%
   • Sec 112 (now Sec 197)Other long-term gains at 12.5% without indexation; resident individuals and HUFs may choose 20% with indexation for land or building bought before 23 July 2024
3. A

   Analysis

   Here ₹70 lakh is about 117% of ₹60 lakh, above the 110% limit, so Sec 50C (now Sec 78) makes you report ₹70 lakh. Schedule CG has a field for stamp duty value. If the stamp value is unfair, you can claim reference to a valuation officer in assessment. If the sale agreement was signed earlier with an advance by bank, the stamp value on the agreement date may be used.

4. C

   Conclusion

   1. 1Check the stamp duty value on the deed.
   2. 2Compare it with 110% of the sale price.
   3. 3Report the higher value if the test fails.
   4. 4Keep agreement and payment records for the date rule.

General guidance from TaxSavvy’s library of money processes. Laws change; your Savvy confirms the answer on your exact case before anything is filed.