Capital gains tax
3 years ago
I bought a house for 40 lacs in 2006 and now selling it for 2Cr 40lacs now. After indexing capital gains is 1.4 Cr. If I keep this 2.4 Cr in bank and buy a land for 1 Cr. Then how do the IT people know if this is the actual cost price spent or capital gain spent ?
Ayantika Mondal @ Prime Legal
Responded 3 years ago
A.Hi,
The IT authorities have the power to call for inspection of your records, they will crosscheck these to verify any inconsistencies.
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The IT authorities have the power to call for inspection of your records, they will crosscheck these to verify any inconsistencies.
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A.Hi,
They will check records of all your transactions to verify the details.
If you found this helpful, please rate us.
They will check records of all your transactions to verify the details.
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