Tax and Legal implications for seller on govt value (circle rate) registration of property

Question

I am selling a property (land). Since I am completely tax complaint, I don’t want to deal with cash and wanted the full payment in white (Bank cheque or DD). The buyer is willing, but wants to register the property at govt value to save on stamp duty as the govt value is 1/3 of the market value.

Is this even possible and what are the tax/legal implications of doing this for me as a seller. How do I explain the money for tax purposes. The other option I have is to register on full value and compensate some of the stamp duty value to the buyer.

 

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TaxPlayer 3 weeks 0 Answers 13 views 0

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