We have sold our one house we were living in and bought another one against it. As per calculation there is no capital gain in the transaction. It was a 53 year old house. One of my known friend who is a CA tells, that I will get a scrutiny notice later on to reply with copies of documents of both houses. [ sold and bought ]. I am filing my returns in order and nothing is pending and all transactions are in order. I wish to know is the scrutiny mandatory in all properties transactions of buying and selling? Does every body gets a notice who has bought and sold the property above Rs 50 lakhs value? Please help. Thanks.
CAclubindia
