Income Tax Notice for property purchase and sale ! How to reply Property Sale purchase notice limit

The Income Tax Department may send an inquiry to an assessee (taxpayer) for selling property in the following situations: 1. *High-value transaction*: If the property is sold for a significant amount, the department may want to verify the transaction and ensure taxes are paid. 2. *Capital gains tax*: The department may inquire about the sale to determine if capital gains tax is applicable and if so, whether it has been paid. 3. *Underreporting of income*: If the department suspects that the assessee has underreported the sale price or concealed income, they may send an inquiry. 4. *Mismatch in records*: If there is a discrepancy between the sale price reported by the buyer and seller, or between the sale deed and income tax returns, the department may investigate. 5. *Anonymous tip-off*: The department may receive a tip-off about alleged tax evasion or other irregularities in the property sale, prompting an inquiry. 6. *Verification of exemptions*: If the assessee has claimed exemptions or deductions on the sale, the department may verify the legitimacy of these claims. 7. *Tax evasion suspicion*: If the department suspects tax evasion or fraud related to the property sale, they may send an inquiry to investigate further. Long Term Capital Gain Tax on Property | Tax on Selling Property in India | Capital Gain on Property Filters Cash Property Transaction | Cash received on sale of property Under Income Tax Act, a penalty equal to the amount of cash received is applicable. This penalty is levied on the buyer, seller, or both, depending on the circumstances. The penalty is in addition to the tax liability on the capital gains arising from the sale of property. The penalty can be waived or reduced if the taxpayer can provide a valid explanation for accepting cash and cooperates with the tax authorities. Sale/Purchase of House/Property | How to Prevent getting NOTICE from Income Tax Department Income Tax Notice for property purchase and sale ! How to reply ? Cash Transactions in property | Cash Agreements Capital Gain Tax on Property Sale | Income Tax on Property Sale in India | Save Tax on Capital Gain Property बेचने पर भी Tax Budget 2024 | Tax on Property प्रॉपर्टी बेचने पर कितना इनकम टैक्स देना होगा ? Tax on property sale capital gain tax on property sale tax on property sale property sale income tax tax on sale of property income tax on property sale in india tax on sale of ancestral property capital gain tax on property sale 2023 capital gains tax on sale of property how to save tax on sale of property income tax on sale of property property sale tax sale of property tax property sale tax saving how to save tax on property sale income tax on sale of ancestral property how to avoid tax on property sale how to save capital gain tax on sale of property save tax on property sale capital gain tax on residential property sale how to show property sale in income tax return tax on sale of property in india save tax on sale of house property gain tax on sale of property property sale purchase tax house property sale income tax advance tax on property sale Income Tax, Points to Remember, Sale or Purchase, House or Property, Land or Building, Immovable Property, Income Tax Notice, Notice from Income Tax Department, Safe Limit of Investing in House or Property, SFT, Specified Financial Transactions... Income Tax Notice for property purchase and sale | 133(6) | How to reply. #incometaxnotice #incometaxnotice #howtoreplynotice #incometaxnoticereply #howtoreplyincometaxnotice #incometax #howtoreplyincometaxnoticeu/s143(1)(a) #howtoreply #incometaxnoticeforhighvaluetransaction #incometaxnoticeforcashdeposit #incometaxnoticeu/s133(6) #realestatepurchaseandincometaxnotice #howtoreplytonotice #gotincometaxnoticeu/s143(1)|whattodonow ? #howtoreplyincometaxnoticeu/s139(9) #133(6)notice #noticeu/s133(6)