Capital gain
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
16 March 2016
Dear sir,
One of the my client, He constructed house in 1985-86 and sold house during year 2012-13 as result of capital gain arrived. So he paid to income tax for capital gain.
Now matter come to U/s 143(3) income tax scrutiny. AO asking details for that construction cost for period1985-86.
But my clients informed that there is no proof of construction during year 1985-86.
Please give any suggestion
One of the my client, He constructed house in 1985-86 and sold house during year 2012-13 as result of capital gain arrived. So he paid to income tax for capital gain.
Now matter come to U/s 143(3) income tax scrutiny. AO asking details for that construction cost for period1985-86.
But my clients informed that there is no proof of construction during year 1985-86.
Please give any suggestion
16 March 2016
well, if you don't have any proof, on what basis did your client file the claim in the tax return? without documents provided, AO has to write allow or disallow on the basis of his own judgment.
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