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IT department has sent notice to verify sale deed of ancestral propert
19-Apr-2023 (In Property Law)
Sir, My friend's Father (Hindu) had got his ancestral property on "SALE DEED" from his cousin which has value of 14500000 rupees, but this should be done on "GIFT DEED" because there was no transaction of money as this was his ancestral property. Now Income Tax Department sent a notice asking that from where he got such huge amount to purchase the property but there were no money transaction. What to do now??????
What value is mention on your sale deed or gift deed, if it was a gift deed then no need to worry as you can reply it to the income tax department that your doner arrange the money for the transfer of his property to your uncle and you are only a donee so you are exempt
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Adv. Richesh Anand
Araria | 25+ Answers
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There is relevant provision in Income Tax Act regarding the issue raised in your query. Contact a good lawyer who is conversant with Income Tax Act and Rules thereof, apprise him about all the facts and act accordingly as per his advice.
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Adv. Kumar Abhimanyu Pratap
Patna | 400+ Answers
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