Capital gain

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Yash Dave (Querist)
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08 August 2012 THE PERSON AGED 85 YRS SOLD ANCESTRAL OPENLAND FOR RS 1 CRORE ON 6/3/05 HE IS NOT ASSESSED TO INCOME TAX OR NOT HAVING PANCRAD NO HE HAS RECIEVED NOTICE U/S 148 FOR AY 2005/06 ON 04/01/2012

1) WHETHER THE NOTICE ISSUED BY THE INCOME TAX DEPARTMENT IS VALID NOTICE WITHIN TIME LIMIT OR NOT.

2) WHETHER THE PERSON HAS TO FILE THE RETURN FOR AY 2005/06 SHOWING INCOME OF CAPITAL GAIN IN RESPECT TO NOTICE U/S 148 WITHOUT INCOME TAX PANCARD NO

Amol S Joglekar

Amol S Joglekar (Expert)
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08 August 2012 the notice seems to be VALID. The normal procedure followed by the revenue authorities is that they show the notice sent to assessee. 2.Whether capital gain is exempt or not will decide whether subsequent 271(1)(c)will come or not. Request you to handle delicately. The OLD age is the only sympathetic point in your favour.

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