TaxSavvy

ITR

Reassessment for a property sold below stamp duty value

Updated . Every paid answer is checked by a CA. Free AI answers are labelled until a CA verifies them.

Find

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.

Provisions

Sec 50C (now Sec 78); Sec 148A (now Sec 281); Sec 112 (now Sec 197)

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.

Close

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

Connect now

A Savvy replies in minutes.

Fixed price before you pay. Your Savvy is paid only after you accept the work.

Connect nowPay and start: Reassessment, Sec 148A / 148 (now 281 / 280), ₹4,999

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

People also ask