Capital gain in case of disputed property
This query is : Resolved
27 November 2015
My client inherited the property from his forefathers . His portion was 1\20 th only .he sold his share . other share was held by the tenants . my client wrote in the deed that entire property is being sold but fact was that he sold only hius share and got money only for his share .. Other family members did not come to claim but signed the deed .
Now he has received a noitice under section 148 where they have made 50c applicable and said that property was sold at a value lower than the circle rate .they have taken entire value if the property and not if the part .
Please help me . what course of action can be taken.
Now he has received a noitice under section 148 where they have made 50c applicable and said that property was sold at a value lower than the circle rate .they have taken entire value if the property and not if the part .
Please help me . what course of action can be taken.
27 November 2015
As per your query your client has done mistake in mentioning in the deed that entire property is being sold. Now in my opinion first thing to do in response to notice u/s 148 is to reply that though deed mentions entire property is sold but only his share is sold and hence 50C is to be applied not in respect of whole property but in respect of his share of property only.
27 November 2015
They will have to consider as this is the fact and you support it with documentary evidence.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- GST Regis.
- Inventory of finished goods
- Sale of property furniture sale
- Clarification on Documentation of Paid-Up Capital Contribution by Directors
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- Disallowance of Section 43B(h) to sez units
- Confusion around Form 26QB fields
- Applicability of Ind As to associate of associate
- Should I include march foreign salary received in April in my income for FY 2023-24?
- Bogus purchase treatment for it act gst dealer
- Company Incorporation - CA and directors signing from different states
- Filing of Form 10BB instead of Filing Form 10B
- HSN Details in IFF/GSTR-1 & in GSTR 9
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
Trending Online Classes
CAclubindia
