Guidance value is more than purchase value.
I am planning to purchases flat at Jain Heights East parade Bangalore
However I noticed guidance value of the property is around 6900 per sft, where as I have negotiated around 6200 per sft this leads to around 700 per sft difference guidance value and market value.
I understand we need to pay stamp duty at guidance value. But then there is income tax implications as income tax department will consider this as income from other source for buyer and buyer need to pay tax on it.
What are the options I have got as a buyer to save from paying this wrongly applicable tax?
Looking forward for some urgent help here, thanks a lot in advance.