Q:Hi, Anyone has idea on how to account the transaction for the difference in the amounts in government market value and actual sales value, while registration of a property. Usually we do this to save some registration and stmap duty amount.
Latest Answer: Hi
I believe it is a regular practice to register a property at a certain amount and actually sell it for a higher amount. This is done to
1) Reduce registration costs
2) Reduce the tax to be paid by the seller on difference between the last registration amount and the current registration amount if sold within 3 years
