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)
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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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