You can in sale deed mention sale consideration as Rs 34 lakhs but have to pay stamp duty as per circle rate
2) under section 56(2) vii) in case of buyer the difference between sale price and circle rate would be determined to be the income of purchaser and taxed under head income from other sources
3) you claim that fair market value is below the circle rate then in such case I0 would request valuation officer to carry valuation of property
4) the valuation determined by valuation officer would be sale price of the property if valuation determined by valuation officer is lower than circle rate