Removing difficulties faced by taxpayers Increase in safe harbour limit of 10% for home buyers and real estate developers selling such residential units
1 February, 2021
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Safe harbour threshold for residential transfers widened, so circle rate counts only where valuation gap is materially large. The safe-harbour margin for specified first-time allotments of residential units is increased, so declared consideration will be treated as full value ... Summary
Safe harbour threshold for residential transfers widened, so circle rate counts only where valuation gap is materially large.
The safe-harbour margin for specified first-time allotments of residential units is increased, so declared consideration will be treated as full value where the stamp duty value does not exceed the enhanced margin; correspondingly, stamp duty value will be imputed as income only when the gap between agreement value and circle rate exceeds that margin. The change applies to transfers meeting the statutory temporal, allotment and consideration conditions and takes effect from the stated assessment year onward.
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