Needs urgent response

This query is : Resolved

NASIM AKHTAR (Querist)
Follow

12 January 2016 Respectable Experts, One of my friends received a gift of Rs.750000 from his father and he purchased a piece of land by the stated amount in Feb-2014.He is a government employee and pays income tax regularly of his salary income. Now he received a notice from his AO u/s 56(2)(vii)(b) in which he has been asked to furnish the following details:- 1.Purchase Deed 2.Sources of investment 3.Filed Return 4.What amount you paid as income tax. What should he do now?

CS Advocate Abhishek Goyal

CS Advocate Abhishek Goyal (Expert)
Follow

14 January 2016 If your friend has purchased piece of land on DLC value mentioned in purchase deed i.e. purchase consideration paid is exactly the same as DLC value determined by stamp value authority in purchase deed or if the difference between the consideration paid and stamp duty valuation of property is not more than Rs. 50000/- than there is no problem. If it is not so than difference between the two is more than Rs. 50,000/- entire difference will be liable to added to total income of friend. Anyway reply to notice is to be furnished by explaining source of investment and copy of income tax return and purchase deed.

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

SHYAM SUNDER GULATI

Shubham Jain

Aakash Kumar

Tia Blair

yadagiri

Subscribe Now

Needs urgent response

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

GST CONSULTANCY

Accountant

GST CONSULTANT

Manager- Finance and Compliance

CA Final

Article Assistant