Notice u/s 50 c

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

18 October 2017 HELLO, A PROPERTY WAS PURCHASED IN 4 LACS BUT CIRCLE VALUE WAS 7 LACS . ITDEPTT ISSUED NOTICE DIFF OF 3 LACS, CAN IT BE SHOWN IN U/S 56 OTHER SOURCE OF INCOME AND FILE ITR, BEFORE APPEARING ITO, IS ITO BOUND TO ACCEPT THE ITR.OR WHAT EXTENT ITO CAN GO....THANKS IN ADVANCE WITH GREETINGS OF HAPPY DEEPAWALI TO ALL.

Amol S Joglekar

Amol S Joglekar (Expert)
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18 October 2017 01. You can go by section 56 if you want.
02. Else you can refer the case to valuation officer.

Querist : Anonymous

Querist : Anonymous (Querist)

18 October 2017 sir my point is whether filing of itr will be beneficial showing income u/s 56

Amol S Joglekar

Amol S Joglekar (Expert)
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19 October 2017 it is NOT the question of BENEFITs......refer to valuation officer and then, the difference if any can be offered as income from other sources under section 56

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