market price of property and long term capital gain

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  1. vijay desasi

    vijay desasi New Member

    sir
    I have purchase a basement in 2005 @ 25000 area 148 sq feet. The market value of the same was 125000 but as i was a tenant there the consideration cost was given by the developer.was 25000 only
    now i want to sale the same. The best offer is 431000.oo as of today. the stamp duty and registration to be born by buyer.
    The ready recokner price now comes to 13,61,000 consider its 13 years old construction and its for godown purpose . The godown is small 8feet X 18 feet. there is no light connection , truck tempo approach road not there, during mansoon there is water inside and arround my giodown , So in short thre is no market/demand for this godown. Moreover the godown door opens up in the basement parking area. Hence no real value.
    i have learnt that even if i sell it at 431000 and buyer pays the reveneue stap duty and registration fees for sale deed on basis of ready recknor value. I have to pay tax on capital gain considering the sale value as 1361000 only. This will run into lakhs . whats the solution to this. please convey. regards vijay desai 9822453091
     
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