Hello everyone?
I have received notice u/s 148A which mentioned that I purchased property for rupees 15 lakh but the same property was transferred to me from my father however any consideration amount didn't pay against the property.
My query is how to write a notice reply and justify that there was an mistake to written sale deed in place of gift.
Kindly give me solution?
4 Replies
prasad Nilugal
( GST Practitioner & Accounts )
(14801 Points)
Replied 05 April 2024
Can not explain here in short , so my Opinion you take professional help from nearby CA ,
Nikhil Kaushik
(Fellow CA)
(85743 Points)
Replied 05 April 2024
you will have to get the correction done at the registrar office. It is not for the Income-tax department to question what is written in the registered document. So if it says it is a sale, it is a sale for them.
one thing to note will be the stamp duty paid. See if there is any difference on gift to family vs sale. If your stamp duty % is that of the gift deed, it might be easier to convince the registrar office as well as the Income-tax department.
prasad Nilugal
( GST Practitioner & Accounts )
(14801 Points)
Replied 05 April 2024
He also can check time limit to execute Gift deed , from date of transfer . Can he excute Gift deed now ? if yes as per the law then you can reply with Gift deed that will be easy for exemption ,so you confirm all these things.
Nikhil Kaushik
(Fellow CA)
(85743 Points)
Replied 05 April 2024
once you have already sold a property, without cancellation of that deed, you cannot gift it again!
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