Dear Sir,
My Client (Purchaser) has bought a flat (1bhk) at Consideration Rs.27,00,000/- and the Stamp Value Authority as per the registered Agreement is Rs.64,27,800/-. The Property was Purchased in the AY 2017-18. The Purchaser has taken a Housing Loan of Rs.20,00,000/-. The IT Officer has issued a notice u/s 56(2)(vii)(b) wherein the difference amount of Rs. 3727800/- is considered under Income from Other Sources.
Queries:
1. Case Laws for defending my client as it was the actual transaction for purchase of Flat.
2. Explanation stating the actual position of my client. What matter or points to be mentioned in the Covering Letter.
CAclubindia
