Dear professionals,
My client is an government employee had purchases the property (land )on may 2006 for Rs 2,38,500 which he sold on October 2006 for Rs 7,32,000 then purchased new land for the cost Rs 4,75,000 in same year November 2006.
Now the assessing officer had issued notice under section 148 of the income tax act 1961 for the assessment year 2007-08 has escaped assessment with the meaning of section 147 of the Income tax act on date of 16/08/2013.
Now it is applicability of the capital gains and tax liability around rs.1, 60,000. If there any provision for to reduce the tax liabilities under Income tax act.
Thanking you in advance
With regards
Harish
9482875758
CAclubindia
