Section 50 c

Income belongs to which year?

REGARDING ASSESSMENT YEAR 2006 - 2007

As per Section 50 C the value of property should be Stamp duty value, for the purpose of computation of Capital Gain .

As Stamp Duty Value exceeds the sale value of the property.

So here was your mistake in filling return of inomce, the  department is right.

As per section 148, the department can issue notice to file return of income for the  period as department considered necessary.

if you think the property was not in the state to earn the stamp duty value and it could only realise the sale value, then you can ask the A.O the compute the value of property.

DEAR ASHISH BARTHWAL MY QUESTION IS THAT AFTER ISSUING NOTICE REGARDING SECTION 50 C CAN DEPARTMENT ISSUE NOTIC U/S. 148 OR NOT? AND HOW MUCH TIME TAKE TO CLEAR THE MATTER,

I AM ALSO GIVEN AMOUNT OF PURCHASE OF PROPERTY, YEAR OF PURCHASE OF PROPERTY , SALE VALUE OF PROPERTY, YEAR OF SALE OF PROPERTY, AND ALSO AMOUNT AS DETERMINED U/S. 50C.  THERE IS PURE CAPITAL LOSS AND MATTER IS CLEAR SO WHY DEPARTMENT ISSUE NOTICE U/S. 148. AND TAKE TOO TIME TO COMPLET THE MATTER?

notice u/s 148 can be issued after the service of notice u/s 143  or 144, hence department can issue notice u/s 148 even if any earlier notice is already served upon on you.

what are the reasons behind this assesment , only department knows, it's not possible for me to make assumptions on it.

the time limit for completion of assessment is mentioned u/s 153 is  9 months from the end of the financial year in which notice is served

Thanks Ashish Barthwal

ASHISH READ THE CASE AS FIRS GIVEN AND SAY ANY LIABILITIES AREISE OR NOT

I THING THERE IS A CAPITAL LOSS AM I RIGHT OR NOT?