assessment income tax, stamp duty land tax, inheritance tax and capital gains tax. The ready reckoner should be considered only as a generalguide. Taxation of Real Estate Development Contracts: Ready Reckoner of Case Laws. Link to download this article in pdf format is at the
As shown in the document of transfer is less than the stamp duty valuation fixed by State Government, it is the latter. Purposes of stamp dutyvaluation based on the ready reckoner rates of the state government was. ITO 2011 132 ITD 499 Mum. Ready reckoner rates by 18-20 per cent
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17 per cent in 2008-09 as compared to 2006-07. Audit Report Revenue Receipts for the year ended 31 March 2011. In ready reckonerapplicable to the area in which the.substantial Notice Fee as a percentage of the ready reckoner. Stamp Duty Levy: Government is levying stamp
As per the rate of land stipulated in the Stamp Duty Ready Reckoner of. Summary of Tax Changes in 2011-12 in all States and Territories. Aninternal reference document for Treasury and Finance officers and as a ready reckoner for other agencies and individuals seeking information on
State. Transfer Duty which replaced stamp duty on conveyances under the previous.resulted in loss of revenue on account of stamp duty andregistration. 77 lakh on the basis of ready reckoner and levied unearned income of? Despite a 40 per cent decline in new home sales in 2011. At60 per cent of the ready-reckoner rate the rate at which the stamp duty is levied.off on our voyage of discovery into the world of tax reliefs and
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In order to avoid under-reporting of the consideration in sale agreements (which is done to avoid payment of appropriate stamp duty), states have introduced the system of predefined prices, depending on the area and nature of construction. This is done through stamp duty ready reckoner, or announcement of circle rates, etc., which are generally notified every year.
So, you can find out the fair market value from the stamp duty ready reckoner of 2001, if the property was acquired prior to April 1, 2019. If you had received the property as a gift, or as an inheritance, or had constructed it during any year after April 1, 2001, then, you can take the ready reckoner value to find out the fair market value of the property.
If the ready reckoner rate is not available for a particular year, you have another option. You can obtain a valuation report, from a valuer who is registered under the wealth tax rules and who is recognised for determining the fair market value for income tax purposes. The registered valuer follows a standard process for the purpose of arriving at the valuation and issues a detailed valuation report for the same. The fee that a registered valuer can charge, is already prescribed under the laws.
You can also obtain the services of a registered valuer, if you feel that the valuation as per the ready reckoner is on the higher side. This may happen due to the reason that the rates declared in the stamp duty ready reckoner are uniform for the same plot of land, without there being any reference to the conditions of the property and any legal dispute around the property at that point of time. The registered valuer inspects the property and based on his inspection and other relevant considerations and circumstances, gives the valuation report stating the fair market value of the property, along with the basis for arriving at the valuation.
It is important to note that the rates stated in the stamp duty ready reckoner are not mandatory and are just guidelines. So, if you feel that the stamp duty/ circle rates are higher by more than 105%, you should obtain a valuation report from a valuer, to substantiate your case at the time of making the deal, without having to wait for your case being selected for detailed scrutiny. The Income-Tax Department generally accepts the valuation report of the registered valuer. Out of both the methods available to you, the second method, of obtaining the valuation report from a registered valuer is advisable, to make the matter stronger and convincing. 2ff7e9595c
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