08 March 2019
Party has purchase a residential properties in 2008. Party sold one part of that residential property in 2011 at DLC rate Rs. 7,00,000.00 (residential DLC). One notice has been issued to purchaser party from sub registrar for short of stamp duty on purchase of property. Sub registrar has claimed that this property was commercial use so pay the stamp duty as commercial property so DLC rate has been imposed as a commercial property. Purchaser party has paid due stamp duty to registry department. Now income tax department has issued a notice to seller party for pay the capital gain between DLC rate of residential property and DLC rate of commercial property. Plz suggest what is remedy for above case.
08 March 2019
When a notice has been issued, you need to contest the notice on points of facts and law. Generally assessees procrastinate at this stage resulting into adverse orders which are very difficult to contest later.
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