LawRato

Procedure for tax on a property received by sale deed


13-Jun-2023 (In Property Law)
My Father(Hindu) Got a notice from Income tax Department on sale deed executed in 16-17 whose value is 1 crore 45 lacks. Actually that property was my father's ancestral property on his uncle's name. His uncle gave this property on sale deed instead of gift deed, as there were no transaction on amount. Now income tax is asking about the transaction, Business details, all purchase/ sale in that session, Bank account details, tax paid or not , ITR filed or not etc. After getting ownership of that property, my father sold that property to some people due to financial issue. My father was not aware about ITR filling next year. Now we are totally confuse what to do? Please Give some Suggestions.
Answers (1)

Answer #1
643 votes
Income tax notice given/served to your father is under law of the land. No need to be panic. Contact a good lawyer, apprise him about all facts circumstances and relevant documents and according to his advice
Helpful? LawRato LawRato

Disclaimer: The above query and its response is NOT a legal opinion in any way whatsoever as this is based on the information shared by the person posting the query at lawrato.com and has been responded by one of the Divorce Lawyers at lawrato.com to address the specific facts and details.

Report abuse?

Comments by Users

No Comments! Be the first one to comment.

"lawrato.com has handpicked some of the best Legal Experts in the country to help you get practical Legal Advice & help."