Hello,
Kindly help me with the following query.
Suppose, an asset which is exempt is sold for part consideration in cheque and part in cash. And the cheque amount which is reported in ITR is below Stamp Duty Value. But the cheque and cash total amount was equal to SDV.The cash was deposited in bank and the AO is asking for explanation. If we satisfy the AO that the cash is from above sale, will it prevent it from being taxed again, as in the ITR CG was calculated on Stamp Duty Value.
regards,
CAclubindia
