Answer

1. F

   Facts

   For land and building, the stamp duty value is taken as the sale price if it exceeds the actual price by more than 10%. The officer may say you under-reported the gain. You can ask for reference to a valuation officer if the stamp value is too high.

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 148A (now Sec 281)Before a Sec 148 notice, the officer must share the information, give a show cause notice and pass a reasoned order
   • 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 ₹52 lakh is 30% above ₹40 lakh, so Sec 50C (now Sec 78) would apply and the gain would rise by ₹12 lakh. If the stamp value is unfair because of the plot's condition, you can object and ask for a valuation officer's reference. If you already used ₹52 lakh in your return, show that. If not, the escaped income is ₹12 lakh, below ₹50 lakh, so time limits matter.

4. C

   Conclusion

   1. 1Check the sale price, stamp value and what you reported.
   2. 2Gather a valuer's report if the stamp value is excessive.
   3. 3Raise time limit if the year is beyond 3 years.
   4. 4Reply with computation and valuation evidence.

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