23 July 2023
There was an ancestral property of around 75 years back which was inherited. There were 8 inherited co-owners as the family was very large. Property sold 5 years ago by 1 of the co-owner who was having the largest share. However, proportionate sale proceeds transferred by that co-owner to others only on FY 2022-23. The largest co-owner did all the transaction but did not share the sale documents with others due to family disputes.
Hence, the following information is not available to the other co-owners for LTCG calculation:
1) Value of property as per stamp valuation property not known
2) Fair market Value of 1.4.2001 also can't be calculated (only way to calculate that was by back calculating the Circle rate at time of sale with CII as base of 100, but stamp value not known).
3) Name and contact details of buyer of the property not known for mentioning in ITR
4) Also the amount was received FY 2022-23 for the actual sale transaction done 5 years back, so does it apply as income in previous year, also which year will be considered for indexation.
It is a peculiar case. Is there is any workaround for showing it in ITR. Or an assumed value of profit be shown in Income of Other sources as other income.
23 July 2023
Any tax liability had arise in the year of transfer. Now you cannot rectify or pay in current year. Either pay your liability as SAT in the year of transfer of the property or wait for query from ITD.
CAclubindia
