sandeep
22 October 2011 at 19:24
Dear Sir,
If A buys a plot of land for Rs.2.7 lacs in 2002 & sells it for 20 lacs in 2011, what will be the LTCG. The stamp duty for acquiring the plot was approx. Rs. 20,000/-. Further, If A buys a house in 2011 for Rs. 15 lacs, how much exemption of LTCG will be available under sec 54F. The additional cost of stamp duty etc. for acquiring this new house is Rs. 80,000/-. What will be the amount of additional capital gains bonds to be purchased under 54EC to obtain complete exemption from payment of LTCG. Pl. send me the entire calculations.
With best regards
Anonymous
21 October 2011 at 15:49
I received an Intimation U/s. 143(1) in which it was stated that, figures entered in Balance Sheet are not proper. Please let me know what should I do to solve the matter?
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Mistake in balance sheet
There is a mistake in balance sheet submitted by an assessee alongwith the incometax return filed within due date.
i) Whether the assessing officer has authority to intimate the assessee by way of intimation u/s 143(1)?
ii)What are the options left with the assessee before and after one year from the end of the month in which the return is submitted ?
iii)What will be the action of assessing officer?
I request all experts to give their valuable opinion. Please also opined if the return is filed belatedly.