Section 50 (c)

This query is : Resolved

DHARMCHAND OSTWAL (Querist)
Follow

14 June 2016 a person has build a 8 flats building during the year 2012-13. three flats are given to his sons and one flat keeps for self. He sold one flat for rs.1500000/- in the year 13-14 but the stamp value taken as 3900000/-. he does no file his return. Now he received a notice to file the IT return for Ass year 14-15.If he taken the value Rs. 3900000/- huge tax liability arise. THe market value is 1500000/- is correct. Before filing of return can he make a application to ITO for valuation?the format pl.be provide and the procedure ti file income tax return?

Rupesh Jain

Rupesh Jain (Expert)
Follow

14 June 2016 your have to pay the tax on diff. of amount this section is introduce for that.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Summarize this with AI

ChatGPT Perplexity Claude Google AI Grok

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

Jeegar Valera

Tia Blair

Sabareesan S Venkatesh

kambamcr@gmail.com

Nithish Kothari

Subscribe Now

Section 50 (c)

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

GST CONSULTANT

Manager- Finance and Compliance

Accountant

Article Assistant

GST CONSULTANCY

CA Final