14 June 2016
a person has build a 8 flats building during the year 2012-13. three flats are given to his sons and one flat keeps for self. He sold one flat for rs.1500000/- in the year 13-14 but the stamp value taken as 3900000/-. he does no file his return. Now he received a notice to file the IT return for Ass year 14-15.If he taken the value Rs. 3900000/- huge tax liability arise. THe market value is 1500000/- is correct. Before filing of return can he make a application to ITO for valuation?the format pl.be provide and the procedure ti file income tax return?
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