We have sold our one house we were living in and bought another one against it. As per calculation there is no capital gain in the transaction. It was a 53 year old house. One of my known friend who is a CA tells, that I will get a scrutiny notice later on to reply with copies of documents of both houses. [ sold and bought ]. I am filing my returns in order and nothing is pending and all transactions are in order. I wish to know is the scrutiny mandatory in all properties transactions of buying and selling? Does every body gets a notice who has bought and sold the property above Rs 50 lakhs value? Please help. Thanks.
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Property sold and bought against it
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| Originally posted by : Captain Kumar | ||
 |
We have sold our one house we were living in and bought another one against it. As per calculation there is no capital gain in the transaction. It was a 53 year old house. One of my known friend who is a CA tells, that I will get a scrutiny notice later on to reply with copies of documents of both houses. [ sold and bought ]. I am filing my returns in order and nothing is pending and all transactions are in order. I wish to know is the scrutiny mandatory in all properties transactions of buying and selling? Does every body gets a notice who has bought and sold the property above Rs 50 lakhs value? Please help. Thanks. |  |
If No Capital Gain Tax due and you filled is return than no issue .
There is no specific procedure that all Sale & Purchase Property are covered under scrutiny.
In Present only 5% case are taken in scrutiny out of 100 % so you do not take any tension related to scrutiny.
Thanks with Regards
Ravi SADhiyan
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