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It doubts for property purchase and shares income

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This query is : Resolved

Kollipara Sundaraiah (Querist)
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10 November 2022 Sir,
1.it assessess jointly purchase of property value rs:45 lacs Names in A,B,C jointly registered property .Mr .A download 26 as rs:45 lacs property value show.
2.tax audit assessess professional income rs:70 lacs gross receipts and shares trading income rs:3 lacs in f.y.21-22 audit returns filed in f.y.21-22 .but assessess share trading income not reported in returns.
Doubt:
1.assessee Mr.A property value show in it returns value rs:45 lacs or rs:15 lacs
2.tax audit assessess share trading income sec 44ad 8 percentage profit declared seperate it returns filed or tax audit revised returns filed in f.y.21-22

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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11 November 2022 1. Actual amount paid by the assessee to purchase property. It may be 15 lakhs or any another amount.
2. Revise only ITR and declare the income in either capital gains or IFOS.

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