Capital gain

This query is : Resolved

Ashish Ranpara (Querist)
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21 November 2013 LETTER ISSUE BY INCOME TAX DEPARTMENT ON SALE OF IMMOVABLE PROPERTY U/S. 50C ON SUBMISSION OF ALL THE DOCUMENT AS ASK BY THE DEPARTMENT, DEPARTMENT ISSUE NOTICE U/S. 148

I ALSO SUBMITTED ALL THE DETAILS AND ALL THE DOCUMENT AS ASK BY DEPARTMENT

THE PROPERTY IS PURCHASE RS. 704550/-[INCLUDING STAMPING AND REGISTRATION CHARGES] YEAR OF PURCHASE 1998 SALE OF PROPERTY RS. 490000/- ,[VALUATION OF PROPERTY U/S 50 C RS. 743893/-] YEAR OF SALE 2006

1 ) IN THE YEAR OF SALE i.e. 2006 A LOSS OF PROPERTY IS NOT MENTION BY ADVOCATE IN COMPUTATION OF INCOME AND NOT CARRIED FORWARD AS RETURN IS FILE AFTER DUE DATE.

2) IN DEED OF PURCHASE OF PROPERTY AND SALE OF PROPERTY THE NAME OF PROPER IS APPEAR AS VEER DARSHAN BUT ASSESSEE IS CHANGE ONLY NAME OF PROPERTY AS HARI DARSHAN; AND WRITE IN THE BOOKS OF ACCOUNT AS HARI DARSHAN.

THE PROPERTY IS IN THE JOINT NAME AND SCRUTINIZED IN TWO DIFFERENT WARD IN ONE WARD I GET NIL ASSESSMENT ORDER BUT IN SECOND WARD I ALSO SUBMITTED ASSESSMENT ORDER OF THE PROPERTY WHICH I GET NIL. BUT A.O. REFUSE TO BELIEVE THAT IT'S A SAME PROPERTY AND WANT TO ISSUE SAW CAUSE NOTICE ON THE POINT THAT IT'S A DIFERENT PROPERTY AND LOSS WHICH IS NOT MENTION IN COMPUTATION OF INCOME

NOW I WANT TO KNOW WHAT IS CONSEQUENCE OF THE CASE.

IT'S URGENT WAITING YOUR REPLY

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Shivang Chokshi

Shivang Chokshi (Expert)
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23 November 2013 assume yor u purchase and sale is after march in 1998 and 2006 respectively, your sale price is less than purchase and thus anyways you are incurring a loss..

if it is under 50c which means stamp value is greater than fair market value and valuation officer has been called upon, then the value of valuation officer if higher than stamp value will be taken..

in your case, stamp value ceems rs490000/- and valuation value is Rs. 743893..

indexation of purchase value Rs. 704550/- to present date will give present date value around Rs10,00,000/- and thus it is a loss in any case..

regarding assessment proceedings, if AO thinks it to be a different property or different person, you can show the sale deed which has picture of party in transaction along with pan card details.