Notice received under rule 37BA
This query is : Resolved
30 December 2024
Dear Sir/Madam,
I sold my property for ₹8 crores in the financial year 2022-23, with the sale agreement executed during that period. However, the registration of the property took place in May 2023, which falls under FY 2023-24. Consequently, the TDS related to this transaction was also reflected in FY 2023-24.
To avail of tax exemptions, I utilized the proceeds from the sale to purchase a flat for ₹4 crores and invested ₹50 lakhs in bonds during FY 2022-23. I claimed these exemptions in my tax return for FY 2022-23, based on the sale agreement rather than the registration date.
In my tax return for FY 2023-24, I reported my regular income and adjusted the TDS paid accordingly. However, I have now received a notice from the CPC stating that my income does not align with the details in Form 26AS.
I request your guidance on how to respond to this notice, either by clarifying the transaction details or providing additional documentation to reconcile the income shown in my returns.
I sold my property for ₹8 crores in the financial year 2022-23, with the sale agreement executed during that period. However, the registration of the property took place in May 2023, which falls under FY 2023-24. Consequently, the TDS related to this transaction was also reflected in FY 2023-24.
To avail of tax exemptions, I utilized the proceeds from the sale to purchase a flat for ₹4 crores and invested ₹50 lakhs in bonds during FY 2022-23. I claimed these exemptions in my tax return for FY 2022-23, based on the sale agreement rather than the registration date.
In my tax return for FY 2023-24, I reported my regular income and adjusted the TDS paid accordingly. However, I have now received a notice from the CPC stating that my income does not align with the details in Form 26AS.
I request your guidance on how to respond to this notice, either by clarifying the transaction details or providing additional documentation to reconcile the income shown in my returns.
30 December 2024
How much advance you received in FY 2022-23?
Whether possession was handed over then?
Whether possession was handed over then?
30 December 2024
Hi Sir, Out of the 8 Cr, 5.6 Cr was received in FY 22-23, and they took control of the building after the payment of 5.6 Cr. However, there was no written document was prepared.
30 December 2024
Unless the justification of transaction completed in FY 2022-23 is provided, you cannot properly reply the notice. Contact any expert professional in your area to justify the Rs. 50 lakhs investment.
The investment in HP you can claim even in FY 2023-24.
The investment in HP you can claim even in FY 2023-24.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Off Market debit and credit transaction
- Showing Gift from relative in ITR for this year
- ITR selection for salaries and capital gain less than L
- Share accounting-->fifo - capital gain - period as per fifo?
- Short Term Capital gain on shares bought and sold after 2018 onwards
- Soyabean hsn code and gst rate
- ITR filing- non tax audit cases- Asstt.Year 2026-2027
- Treatment of Pension ?annuity returns on PMVY
- Salary and pension received from Asian Development Bank
- ITR 2 Short Term gain & Long term gain
- TDS on payment to CHA as per new section
- Sale of Forign Shares
- INCOME TAX ON REDEVELOPEMENT OF FLAT
- Form 10E u/s 89(1). Need clarification because experts opinions differ !!!!
- Gst invoice numbering and delivery challan numbering
- Standard Deduction claim for EPFO Pension and ICICI Prudential Life Annuity
- Small dealers gst returns filing
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
