property purchased in 2001 rs. 915000
property sold in 2007 rs 25,00,000/-
(as per sale deed rs. 25,00,000/- but actual sale for rs. 3,20,00,000/-)
case is in scrutiny,
A.O. told us paid tax on 3,20,00,000/- less indexed cost of rs. 915000/-
what is the remedy available to save tax?
can you please give me details of Fair Market Value and stamp duty value as on date of sale ?
what is the remedy available for additional tax assessed by AO?
CAclubindia
