Dear Sir
One person sold his house for Rs. X during 2005 and purchased a flat for Rs. Y. The amount Y is just 25% of the sale amount. The balance 75% he is not shown in his IT Return during the FY 2005-06. Now some one taken the same to IT department notice. Is there any problem to the seller / purchaser since it it almost 14 year over. If they found the default what was the penalty
Regards
Did you receive any notice from ITD?
Not to worry till you get any notice from department, which is very less likely to materialize.
Chirag P Shah & Co. Chartered Accountant
Pune
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