27 November 2015
My client inherited the property from his forefathers . His portion was 1\20 th only .he sold his share . other share was held by the tenants . my client wrote in the deed that entire property is being sold but fact was that he sold only hius share and got money only for his share .. Other family members did not come to claim but signed the deed .
Now he has received a noitice under section 148 where they have made 50c applicable and said that property was sold at a value lower than the circle rate .they have taken entire value if the property and not if the part .
Please help me . what course of action can be taken.
27 November 2015
As per your query your client has done mistake in mentioning in the deed that entire property is being sold. Now in my opinion first thing to do in response to notice u/s 148 is to reply that though deed mentions entire property is sold but only his share is sold and hence 50C is to be applied not in respect of whole property but in respect of his share of property only.
CAclubindia
