Sec175
This query is : Resolved
05 October 2013
sir
as per section 175 of income tax act
person trying to alienate his assets with a veiw to avoid tax will be taxed in P.Y. itself.
how property are taxed in this act and how he can avoid tax?
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05 October 2013
Notwithstanding anything contained in section 4,
if it appears to the 2[Assessing] Officer during any
current assessment year that any person is likely
to charge, sell, transfer, dispose of or otherwise
part with any of his assets with a view to
avoiding payment of any liability under the
provisions of this Act, the total income of such
person for the period from the expiry of the
previous year for that assessment year to the
date when the [Assessing] Officer commences
proceedings under this section shall be
chargeable to tax in that assessment year, and
the provisions of sub-sections (2), (3), (4), (5)
and (6) of section 174 shall, so far as may be,
apply to any proceedings in the case of any such
person as they apply in the case of persons
leaving India.
if it appears to the 2[Assessing] Officer during any
current assessment year that any person is likely
to charge, sell, transfer, dispose of or otherwise
part with any of his assets with a view to
avoiding payment of any liability under the
provisions of this Act, the total income of such
person for the period from the expiry of the
previous year for that assessment year to the
date when the [Assessing] Officer commences
proceedings under this section shall be
chargeable to tax in that assessment year, and
the provisions of sub-sections (2), (3), (4), (5)
and (6) of section 174 shall, so far as may be,
apply to any proceedings in the case of any such
person as they apply in the case of persons
leaving India.
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