What is Stamp Duty Value of Property?
Stamp duty value is the value adopted by the government or other authorities for the purpose of stamp duty to be paid on the immovable properties like house, shop, land, etc.
People in our country buy and sell the property at a lower value than the stamp duty value. The reason behind this is to save on stamp duty money on the registration of the property. This prevalent exercise causes loss in stamp duty revenue and income tax revenue which is paid under the head of Capital gain. People make an agreement to sell at a lower price than the actual price and they adjust the remaining amount in cash. This cash adds up to their black money and results in the loss of revenue for the government.
To plug in this loss of revenue, the income tax bill was amended and Section 50C, Section 43CA and Section 56 (2)(vii)(b) were introduced. These Sections helped to prevent the evasion to some extent. This is all you need to know about what is stamp duty value of property.
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What is stamp duty value?
Anonymous
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2021-07-15T19:36:33+00:00 2023-10-18T18:07:44+00:00Comment
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