Related to capital gains tax

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

29 December 2015 One of my friend had purchased a 20X30 site from Bangalore Development Authority in 2004 for Rs. 1,14,992/-.(cost of indexation) Balance left is Rs.13,85,008/-.He sold the same in 2013 december for Rs.15,00,000/- .He then purchased a site for Rs.14,40,000/-.The IT return for the year 2014-15 reflected this transaction.and showed a loss of Rs.-54,992/- after considering the purchase u/s 54..But the ITD in a assessment order took the entire purchase amount 14,40,000 and added 54992 to it and taxed it under LTCG @ 20% and issued a demand notice along with interest.Subsequently a revised return which showed that investment was in a house property with a shed constructed on the purchased plot was shown and the taxable income was shown and a tax of 8400 was paid. But the refund due for the AY 2015-16 was adjusted against the o/s demand.What should be done now to completely reverse this o/s demand order?

Amol S Joglekar

Amol S Joglekar (Expert)
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29 December 2015 file online rectification u/s 154

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