22 February 2019
One of my client sold flat in 2011 of Rs. 700000/- as per sale deed. But as per Jantri value 798598/-. Difference amount is 98598/-. As per jantri value is right amount. My client got notice form department and asking answer of Rs. 98598/-. I handle this type of case first time. Guide me what I do?
23 February 2019
Dear Dikshant, Need not to worry, Income tax is very friendly with the true tax payers. Go to your ITO and request him to appoint a Valuation officer in your case, If Valuation officer finds the registry value to be rightly less than the Jantri Value then, He will struck off the demand, if not then your client need to pay tax, interest and penalty on Rs 98598 as per section 50C.
25 February 2019
Thanks.In 2006 client take possession without payment of stamp duty (Allotment agreement). At the time of sales he paid stamp duty in 2011 and made purchase deed, and sale the property. which date is consider for capital gain matter. 2006 or 2011?
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