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Exemption u/s54

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(Querist)
11 January 2010 Tell me, Suppose a person has got an exemption under sec 54 by purchasing a house & within 3 years of purchase he sells that house.So , his exemption will stand withdrawn.
But the practical question is, if he doesn't show the said sale & its consequence himself. How the IT deptt. is going to check it???
Isn't there is lack of some procedure???
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CA Tilak Raj Sharma

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CA Tilak Raj Sharma (Expert)
11 January 2010 It will come into picture if his case will be selected for scrutiny.

Yes, lack of checking procedure at the end of IT deptt.
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ekta gupta

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ekta gupta (Querist)
11 January 2010 Ya, apart from scrutiny there is no other way 2 find out ...I guess!!!!!!! nd scrutiny does n't happen wid all d cases..
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CA Tilak Raj Sharma

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CA Tilak Raj Sharma (Expert)
11 January 2010 Yes, Now case for scrutiny will be selected by "CASS" system. No manual selection by ITO.

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