Cit notice on dissemination of data of immovable property
This query is : Resolved
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
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
(Expert)
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.
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
(Expert)
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
22 January 2018
Thanks again Sir; but Sir that time we made payment by cash only as party wants in cash.
Nikhil Kaushik
(Expert)
22 January 2018
I will suggest you engage a local CA to review the documents and accordingly prepare your response to the CIT
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