Property sold and bought against it

Tax queries 156 views 1 replies

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.

Replies (1)
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   


CCI Pro

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