Reply on High Value transaction

Dear Experts,

I got a message from income tax department reg high value transaction.

in my case it is of buying the property of Rs 59 Lac (which i bought afer sell of my parental home).

I have already shown the interest paid amount (As loss) and Principal paid (as 80C) in my ITR-4.

 

What should be the reply I should select while replying

(1) Information is correct

(2) Source is receipt of Gift which is not taxable

(3) Information is not fully correct

(4) Information relates to other PAN/Year

(5) Infofrmation is duplicate/included in other information

(6) Information is denied

Replies (5)
Quick Summary
This discussion addresses an individual's query regarding a high-value transaction notice from the income tax department for a property purchase. The user has already declared interest and principal payments in their ITR-4. Experts are guiding on the appropriate reply option and questioning the ownership of the parental home sold, the ITR filed, and whether capital gains were correctly reported for both the sale and purchase.

Whose is the owner of the parental house that was sold ?? 

Which ITR have you filed |

?? 

Was the amount gifted to you by parents to buy ??

 

 

If the source of income visa is tax payment can be justified.
Have you left out showing capital gain on property?
Looks like you missed to report the sale of parental home and purchase of new home under capital gains.

Rgds
CA. Raj Doshi
R C D & Co.
Chartered Accountants
Kandivali West,Mumbai
It can be done

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