14 November 2017
I have purchased land in f.y 12-13 value 94 lakhs & paid stamp duty on the same. But i have shown value in books value 50 lakhs. Now my ITO wants justification on the same as why u have shown less value. Please suggest some suggestions on that.
14 November 2017
you can give the reasons as 01. the property was purchased after due negotiations. 02. why the seller sold it for such a low value may please be asked to him rather than me. 03. the ready recknor value in the area where I bought the property is excessively high, non reasonable 04. please refer the case to the valuation officer so that the value of 50 lakh can be justified
CAclubindia
