Scrutiny assessment
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
24 December 2016
Hello Sir,
I Received scrutiny notice and advised to submit books of accounts and ITR. I duly submitted the same however during scrutiny assessment ITO Find sale of property which is not shown in ITR. now i received notice of demand U/s 156 in which ITO calculate the amount of capital gain based on value determined by stamp value authority and did not deduct the purchase price. now my question is that can i deduct the purchase price of the property and give effect of indexation?
I Received scrutiny notice and advised to submit books of accounts and ITR. I duly submitted the same however during scrutiny assessment ITO Find sale of property which is not shown in ITR. now i received notice of demand U/s 156 in which ITO calculate the amount of capital gain based on value determined by stamp value authority and did not deduct the purchase price. now my question is that can i deduct the purchase price of the property and give effect of indexation?
25 December 2016
Yes you can deduct purchase price after giving indexation effect. File rectification u/s 154 and appeal before CIT appeal.
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