Capital gains tax on sale of hp
This query is : Resolved
23 January 2015
Hi
Our client has a property which his father got as a gift from the GOVT in 1970. Later the land was registered accordingly and constructed a house in 1990.
Now he sold that property in 2007 and bought a land immediately and constructed the house.
The problem is, the land which he bought has Notary documents and not Registration documents (since the lands in that area are not being registered by Govt. They only have Notary documents)
Can our client avail exemption of Capital gains tax ?
The issue now came up , since he got a notice from IT Dept in 2014 ( after 7 years of sale ) , asking for the details of the sale and tax paid thereon.
Pls suggest what we can do ? Can we show that he is not liable to pay CG tax, since he has constructed a house ( He has only one house) within 3 years of sale.
PS - He did not even had a PAN back then , and no IT returns too.
TIA
Our client has a property which his father got as a gift from the GOVT in 1970. Later the land was registered accordingly and constructed a house in 1990.
Now he sold that property in 2007 and bought a land immediately and constructed the house.
The problem is, the land which he bought has Notary documents and not Registration documents (since the lands in that area are not being registered by Govt. They only have Notary documents)
Can our client avail exemption of Capital gains tax ?
The issue now came up , since he got a notice from IT Dept in 2014 ( after 7 years of sale ) , asking for the details of the sale and tax paid thereon.
Pls suggest what we can do ? Can we show that he is not liable to pay CG tax, since he has constructed a house ( He has only one house) within 3 years of sale.
PS - He did not even had a PAN back then , and no IT returns too.
TIA
23 January 2015
If issuance of the notice is not barred by time, reply with the details called for.
If notice is time barred, please reply stating that information called for is not furnished since notice is time barred.
If notice is time barred, please reply stating that information called for is not furnished since notice is time barred.
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