Hello, i am facing one tricky case from one of my client. Case is like that he has received Gift deed from one of his non-relative (plot of land of value 35lacs bought by doner in F.Y.2000-2001) in F.Y.2017-2018 which he sold in the same financial year. But not filed ITR for the same, now he received IT notice for the same notice date 08-02-2023. Here my concern is shall we challenge the notice simply by saying time barred since amount considered in my opinion is less than 50 lacs. But IT is saying it is 70 lacs considering 35lacs as capital gain as well ...My challenge here is if IT tax for the Gift deed than there will be no captial gain and if they ask for captial gain than Gift deed tax wont be there..In either case amount should be less than 50 lacs and notice should be time barred. Please provide your valuable opinions as well....
CAclubindia
