U/s 54
This query is : Open
03 September 2015
One of my friend sold a site purchased by him 10 years ago.He purchased another site with the sale proceeds. After indexation of cost his ltcg showed negative amount. Both the transactions were below 30 lac.The same was reported in his ITR. but now a demand is raised for ltcg tax of 352000.
CA PARTH SHAH
(Expert)
06 September 2015
it must be because the sale deed must have been made of lesser value than the value as per revenue records. So it must be the case of undervaluing the transaction and thus tax evasion
07 September 2015
but that can be found out only in scrutiny and not by 143(1) processing
CA PARTH SHAH
(Expert)
07 September 2015
You didn't mention that demand was raised by 143(1) order.. In that case there must be some error on your part while filing return..Kindly pm me.
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