Summons to assessee u/s 131
This query is : Resolved
06 December 2016
Hi,
I entered into a joint development agreement in 2012. The property is jointly held by me and wife. Recently there was a income tax raid on the builder and as a result of that income tax department has sent me a notice "summons to assessee u/s 131" to produce documents related to joint development agreement, returns and bank statements since 2012. This summons is dated 25/11/2016 asking me to be present in hyderabad by 2/12/2016. Else a penality of 10000. This was sent to my address in bangalore. I was out of town from 24/11/16 till 5/12/16. This speedpost was received by my neighbour on 2/12/2016.
I gathered it yesterday i.e 5/12/16. I have a torn ligament when I was out of town and going for a surgery tomorrow. So myself or my wife will not be able to go to hyderabad in near future. What should I do? I got the contact number of AO from builder and tried calling him. He is not pickingup.
Background of case is: I was waiting for the builder to hand over my share of apartments before paying capital gain tax. I know there is lot of confusion on deemed capital gain tax. But then builder delayed for 2 yrs on approvals and still not complete. On advice from CA, was informed that no one is paying as on date of agreement and paying upon possession. What should I do ?????
I entered into a joint development agreement in 2012. The property is jointly held by me and wife. Recently there was a income tax raid on the builder and as a result of that income tax department has sent me a notice "summons to assessee u/s 131" to produce documents related to joint development agreement, returns and bank statements since 2012. This summons is dated 25/11/2016 asking me to be present in hyderabad by 2/12/2016. Else a penality of 10000. This was sent to my address in bangalore. I was out of town from 24/11/16 till 5/12/16. This speedpost was received by my neighbour on 2/12/2016.
I gathered it yesterday i.e 5/12/16. I have a torn ligament when I was out of town and going for a surgery tomorrow. So myself or my wife will not be able to go to hyderabad in near future. What should I do? I got the contact number of AO from builder and tried calling him. He is not pickingup.
Background of case is: I was waiting for the builder to hand over my share of apartments before paying capital gain tax. I know there is lot of confusion on deemed capital gain tax. But then builder delayed for 2 yrs on approvals and still not complete. On advice from CA, was informed that no one is paying as on date of agreement and paying upon possession. What should I do ?????
Yogesh Agarwal
(Expert)
07 December 2016
You have two query 1st you are not being able to honor the summon personally and 2nd offering capital gain for taxation.
reply to 1st: You just authorize your CA to represent your case and write a request letter giving all the details of your present medical condition supported by medical documents etc... I am sure AO will accept this.
Reply to 2nd: Generally capital gain is required to be offered for taxation as and when you transfer the possession to the builder. However, it depends on the agreement and its type.
reply to 1st: You just authorize your CA to represent your case and write a request letter giving all the details of your present medical condition supported by medical documents etc... I am sure AO will accept this.
Reply to 2nd: Generally capital gain is required to be offered for taxation as and when you transfer the possession to the builder. However, it depends on the agreement and its type.
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