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Sec. 56(2)

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This query is : Resolved

MAKARAND DAMLE (Querist)

17 March 2022 Buyer of immoveable property Received notice u/s 148 and subsequently u/s 143(2)

Cost of the property as per stamp value is more than agreement value. However buyer has paid to the seller as per agreement and nothing more

My question is how to proceed in this matter so that it can be proved that agreement value is correct ?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

17 March 2022 At times in the process of completion of the assessment of a taxpayer or for any other purpose, the tax authorities need to ascertain the value of any capital asset. In such a case, the tax authorities can make a reference to the valuation officer (*) for ascertaining the value of the capital asset. Section 55A contains the provision relating to the power of the tax authorities for making a reference to the valuation officer for ascertaining the value of a capital asset.

Request income tax officials go for valuation of the property through valuation officer..

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