Jack N 28 November 2020
Hemant Agarwal (firstname.lastname@example.org Mumbai : 9820174108) 29 November 2020
1. Coordinate with your local Chartered Accountant or Taxation Practitioner, with all your related documents.
Keep Smiling .... Hemant Agarwal
Dr J C Vashista (Lawyer) 29 November 2020
Contact and consult a local prudent chartered accountant for appreciation of facts/ documents, laws applicable on the subject, professional advise and necessary proceeding.
SIVARAMAPRASAD KAPPAGANTU (Retired Manager) 29 November 2020
It is not known when your father purchased the vacant site and at what value. Your father needs to pay Capital Gains Tax on the profit made by selling the vacant site and there is a formula for calculating the profit. To get it calculated you need to take the assistance of a Chartered Accountant. Further, as per the existing procedure, if the entire sale proceeds are invested in fixed assets, your father can claim exemption from paying the tax on Capital Gains. Your father needs to file a return showing the number of sales consideration, calculation of capital gains, and proof of reinvestment in fixed house viz house and then claim exemption. IT Authorities shall peruse the information and permit the exemption.Therefore, as advised above, your father may contact a Chartered Accountant with all details and get the Income Tax Return filed seeking exemption applicable.
Gaurav sharma 02 December 2020
Sankaranarayanan (Advocate) 03 June 2021
normally the income tax department issues notice by email if the assessee provided it . if any other reasons then they shall send by post . You can wait till the reminder by post , if comes then find a local CA and submit all transactions details and act accordingly