Noticed receaved u/s 50c of it act-capital gain

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Querist : Anonymous

Querist : Anonymous (Querist)

06 December 2013 i received notice from IT Department for the transactions entered during FY 2008-09 for the sale of property for a consideration lessthan fair market value.

i receive notice some of the transactions was i entered only. now i have doubt that weather i respond to all transactions was i entered or for the transactions received for noticeby the department

CA PARAS BAFNA

CA PARAS BAFNA (Expert)

06 December 2013 Please clarify the transactions for which details have been asked in the notice.
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Querist : Anonymous

Querist : Anonymous (Querist)

06 December 2013 dear sir,
thanks for your reply.
i received notice as under

1) during fy 2008-09 for sale of property for consideration RS.400000/- but market value as per SROis 600000/-

2) during fy 2008-09 for sale of property for consideration RS.439000/- but market value as per SROis 659000/-

3)during fy 2008-09 for sale of property for consideration RS.567000/- but market value as per SROis 850000/-

4)during fy 2009-10 for sale of property for consideration RS.542000/- but market value as per SRO is 812000/-

5)during fy 2009-10 for sale of property for consideration RS.379000/- but market value as per SRO is 568000/-

6)during fy 2009-10 for sale of property for consideration RS.456000/- but market value as per SRO is 683500/-

our family members also got same notice by it department. i construct a house property with in time specified.

how to escape from tax
any relief are there from the transactions entered.

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