Capital gains

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Dear Sir / ma'am,

I have a specific query pertaining to capital gains after sale of immovable property, I request for suggestions from learned experts.

if government rate of property worth 2 lacs has been undersold for 1 lac, (as per sub registrar, the sale deed has to show the government rate as sale consideration amount) can the capital gains tax be paid on 1 lac. can an appeal be addressed to Income Tax department that the property was indeed sold for 1 lac and not 2 lacs. is there a provision?

thanks

AI Summary

Discussion on Paying Capital Gains Tax Based on Actual Sale Price Instead of Government-Assessed Value for Property Sales. An individual inquired about capital gains tax on a property sold below the government-assessed value. They asked if tax could be paid on the actual sale price rather than the assessed value and whether an appeal could be made to the Income Tax department. A respondent explained that the registered value is typically considered for capital gains, highlighting a common issue for sellers. Another suggested obtaining a valuation from a registered valuer for distressed sales and challenging the stamp duty with evidence of the lower sale price. The discussion sought expert opinions on addressing such discrepancies.