Section 50 (c)
This query is : Resolved
DHARMCHAND OSTWAL
(Querist)
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
(Expert)
14 June 2016
your have to pay the tax on diff. of amount this section is introduce for that.
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