Relating to property

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Mohammad Taha (Querist)
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11 March 2014 A Company has property in its name, and it has been sale during the year, if it is not shown as sale in income tax i.e. no capital gain tax is paid during relevant assessment year, but treated as sale in next assessment year. How sec. 50C & other provisions of income tax act effect this.

Nikhil Kaushik

Nikhil Kaushik (Expert)
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11 March 2014 well section 50c may or may not apply depending on the fair value of asset.

what you need to worry about concealment of income during the relevant assessment year.