No there will be no impact on Income Tax. Kindly pay stamp duty on ready recknor  price and not more than that.

as per section 50 C of income tax act if property is sold for rate below the circle rate then circle rate would be determined to be sale price of property by income tax authorities and capital gains tax levied accordingly to the seller

2) if 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

3) the valuation determined by valuation officer would be sale price of the property if valuation determined by valuation officer is lower than circle rate

4) if valuation officer determines sale price to be higher than circle rate than circle rate would be deemed to be sale price of property

5) 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

It would have no impact on your income tax returns. The purchase price needs to be mentioned as mentioned in the sale deed while filing your ITR.

The purchaser need not pay the capital gains tax.

The capital gains tax shall be applicable to the seller alone.\

Therefore you need not pay the capital gain tax.

However since the purchase price i.e., the sale consideration amount is lesser than the reckoner, even though you paid the stamp duty as per the recoknor rate, the difference between the reckoner rate and the purchase price shall be treated as your income for which you are liable to pay the income tax as applicable 

You need to pay stamp duty on reckoner value 

At many places actual value can be lesser than the reckoner value fixed by Government. Only if claimed value is very less and property is of very high value the department takes notice otherwise no problem will arise.

Impact will be on seller. You can claim this deduction up to a maximum amount of Rs 1.5 lakhs on stamp duty and registration charges paid for the property transfer.

Dear client,  

If you have purchased a flat in Ghaziabad for a value that is lower than the ready reckoner value, and you are paying stamp duty on the higher value, then the following scenarios could occur:

Capital Gains Tax: When you sell the property in the future, the government will consider the ready reckoner value as the actual value of the property. This means that if you sell the property for a higher value than the ready reckoner value, you will have to pay capital gains tax on the difference. So, it is important to keep all the records related to the purchase of the property and the stamp duty paid.

Income Tax: The stamp duty paid on the higher value can be claimed as a deduction from your taxable income under section 80C of the Income Tax Act, 1961. However, the deduction can only be claimed up to a maximum of Rs. 1.5 lakh in a financial year. This deduction is available only to the buyer and not to the seller.

Scrutiny from Tax Authorities: In case the difference between the ready reckoner value and the purchase price is substantial, the tax authorities may scrutinize the transaction and ask for an explanation. This could lead to further inquiries and legal complications.

It is advisable to consult a tax professional or a chartered accountant to understand the tax implications of your specific case and to ensure that you comply with all the legal requirements.