About capital gains
This query is : Resolved
16 August 2013
Sir,
If an assessee sold an immovable property less than government value, there is any liability on seller to pay tax on difference amount of sale. Can Incometax officer give any notice for difference value
If an assessee sold an immovable property less than government value, there is any liability on seller to pay tax on difference amount of sale. Can Incometax officer give any notice for difference value
Pankaj Gupta
(Expert)
17 August 2013
If assessee sells the property below the price fixed for stamp duty purpose, then such amount for stamp duty purpose shall be deemed as sells value. Capital gain shall be calculated accordingly. The assessee can get the demand notice from department only if his case comes under scrutiny, otherwise not.
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