I sold an inherited property for 35 lacs. The owner from whom I inherited the property purchased it at 2.5 lacs
I am now buying an apartment for 36 lacs. Agreement to sell is for 20 lacs and Construction agreement for 16 lacs. All paid to developer through demand drafts for which I have recieved official receipts.
My developer is asking me to register the sale deed using guideline market value which amounts to 23 lacs for undivided share in land.
If I register the property paying a stamp duty on 23 lacs can i still save on capital gains tax on the 7 lacs left from sale of inherited property? I have the official receipts from developer for the full 36 lacs I paid him.
