Tax paid on capital gain on transfer of shares under the fam

This query is : Resolved

VIJAY SHARMA (Querist)
Follow

11 June 2014 Dear Experts,

Namaskar,

Sir, we have need you expert advise on a matter of excess payment of Income Tax.

Sir, under a “Family settlement” we have transfer share from one family member to another family member and on this transaction we have calculate capital gain and paid tax during financial year 2008-2009 and we have assessed under section 143(3) before March 2012.

Sir, now we have came to know that this capital gain under family settlement transfers is not taxable. Hence we seek your esteemed advise in order to get back tax deposited.

Kindly help us.

Thanks & Regards

Vijay Sharma

Nikhil Kaushik

Nikhil Kaushik (Expert)
Follow

13 June 2014 you need to approach AO with request for revision of order.

VIJAY SHARMA

VIJAY SHARMA (Querist)
Follow

13 June 2014 thanks Nikhil ji, which section AO can revised the order and we Approach AO he has denied.

Nikhil Kaushik

Nikhil Kaushik (Expert)
Follow

13 June 2014 normally rectification would be done under section 154.

otherwise, the only option is to approach jurisdictional CIT under section 264.

please note that you need to build up a very strong case to get CIT to revise your order...

VIJAY SHARMA

VIJAY SHARMA (Querist)
Follow

13 June 2014 thanks Nikhil ji but u/s 264 it is time bar.

Nikhil Kaushik

Nikhil Kaushik (Expert)
Follow

13 June 2014 as such the limit is one year. but if you read proviso to 264(3), CIT has power to condone the time bar

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