Income tax exemption u/s 54

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..... Income tax exemption u/s 54
Query (Issue) Started By: - SHOEB VAPIWALA Dated:- 9-3-2015 Income Tax
Income Tax
Dear Expert(s), The 5 persons A, B, C D and E are had sold their inherited property prior to independence of India in F Y: 2006-07 for ₹ 11.50 Lacs. The ITO has issued a notice dtd.: 13/02/2015 u/s 129 - incumbent stating to treat it as u/s 142(1). On presenting the fact t .....

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..... hat the notice is tame barred, the ITO has shown the The Order of the ACIT dtd. 26/2/2014-stating that to issue the notice u/s 147 and to begin proceeding u/s 50 (C) of the I T act., 1961. Does the issued notice is valid under the law? Now, the ITO is proceedings u/s 148. Does it also valid? The inherited all 5 persons are having the court order in the year 1991-92 towards 1. 'Legal Heir Certifi .....

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..... cate' 2. Valuation of ₹ 1,98,840/- in the year 1991-92 to pay stamp duty accordingly. Does the court order stating the Value ₹ 1,98,840/- can be valid for cost of acquisition with inflation index of 1991-92? Or Valuation as on 01.04.1981 is required? Further, What will be the consequences of LTCG u/s 54 out of the sales realization: * Mr. A has purchased a new property on his own i .....

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..... n F Y : 2006-07 * Mr. B has purchased a new property on the name his wife in the F Y: 2006-07 * Mr. C has made Repairs and renovation his self-occupied property in his name. if it is in the name of his wife what would be consequences of LTCG. * Mr. D has purchased a new property on his two living brothers in F Y: 2007-08. But he is expired in F Y:2013-14. Is the two living sons of Mr. D are .....

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..... liable under the proceedings to pay LTCG in spite of the fact that his father was liable but by the act of god he is no more in the word? * Mr. E has not purchased any property but he had spent for his sever disease i.e. cancer in F Y: 2006-07 and expired in 2007-08. It he living inherited wife and sons of Mr. E are liable to pay LTCG due under the proceeding.
Discussion Forum - Knowledge Sh .....

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..... aring .....

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