Dear Expert(s),
The 5 persons A, B, C D & E are had sold their inherited property prior to independence of India in F Y: 2006-07 for Rs.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 that 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 Certificate’ 2. Valuation of Rs.1,98,840/- in the year 1991-92 to pay stamp duty accordingly.
Does the court order stating the Value Rs.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 in 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 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.
