Hello Everyone ,
Brief facts :
1. Land given to developer for construction of flats during F.Y- 2004-2005 and 5 nos. flats alloted with distinct nos. during F.Y - 2004-2005.
2. Got the flats during F.Y- 2009-2010 and income shown under House Property .
3. A.O. issues notice u/s 148 in Nov. 2014 for Income Escaped Assessment.( capital gain )
Now my queries are :
1. Which year to consider as year of transfer for capital gain ( no capital gain paid earlier ) ?
2. If we were to consider F.Y : 2004-05 as year of capital gain , whether A.O can issue notice u/s 148 during F.Y- 2014-2015 ( i,e after 7 years of relevent assessment year ) for Income Escaped Assessment.
I would appreciate if someone come forward to help me in finding solution to my queries .
Thank you in anticipation.
CAclubindia
