Cit notice on dissemination of data of immovable property

This query is : Resolved

Ganesh (Querist)
Follow

22 January 2018 Sir,
Recently, i got a notice from CIT regarding Dissemination of data of immovable property. In this case, i have purchased a agriculture land in anakapalle, visakhaparnam district. As per govt of AP the land price is 35 laks / acre. But due to the location of land (very interior) its not worth of that money as per local market. so we have purchased a land for the price of 13.5 lakhs/acre. Though we have paid stamp duty as per govt rate i;e 35 lkhs/acre, we have prepared documents as per original purchased cost i;e 13.5 lakhs/acre. Now, we got a notice from income tax department visakapatnam seeiking inforation about our income details.

Kindly suggest, how we go about it.

Thank you sir

Nikhil Kaushik

Nikhil Kaushik (Expert)
Follow

22 January 2018 fist of all read section 50C of the Income-tax Act. In your case, since you are claiming that the real value is less than the stamp duty value, you may request AO to make a reference to a valuation officer to determine the real value of the asset. If the Valuation officer agrees to your position, then there is nothing to worry.

Ganesh

Ganesh (Querist)
Follow

22 January 2018 Thank you for your reply Sir. But; Sir we have brought this property in 2015. But; we have received cit notice on today. Really we are not understanding how to go about it sir

Nikhil Kaushik

Nikhil Kaushik (Expert)
Follow

22 January 2018 to start, reply to the notice with the facts of the transaction along with copy of your tax return etc. let the officer come back with more questions if any

Ganesh

Ganesh (Querist)
Follow

22 January 2018 Thanks again Sir; but Sir that time we made payment by cash only as party wants in cash.

Nikhil Kaushik

Nikhil Kaushik (Expert)
Follow

22 January 2018 I will suggest you engage a local CA to review the documents and accordingly prepare your response to the CIT

Ganesh

Ganesh (Querist)
Follow

22 January 2018 Sure sir; thank you for your kind suggestion

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Summarize this with AI

ChatGPT Perplexity Claude Google AI Grok

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

CA Bijo scaria

rana andcompany

sathiyaram

Vinod Dharwarkar

svgovindaraju

Subscribe Now

Cit notice on dissemination of data of immovable property

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

GST CONSULTANCY

GST CONSULTANT

Accountant

Article Assistant

CA Final

Manager- Finance and Compliance