Question And Answer
Subject: Whether issue of reassessment notice is valid merely on the ground that property sold was not registered ?
Answered by:
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Date: May 19, 2021
Query asked by

Where does it says that property should be registered property for eligibility of claiming LTCG and how there be discriminations for assessee who are reqularly investing property buying and selling in a cyclic manner where department not even question or verifying whther property bought or sold are registered property under registration act
Where as when assesse sold the apartment and deposited LTC in into bank LTCG deposit scheme and while requesting for NOC in
form G the lowest level officer ACIT DCIT without applying any mind reopening cases interrupting the various sections and then issuing notices after notices clueless misusing the powers vested on them and taking advantages of lockdown exercise etc etc. towards carno pandemic situation in delaying the matters further period

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Answer given by

As per Section 148A the Assessing Officer has to conduct inquiry , if required with the prior approval of specified authority and has to serve the notice . You are right registration is not the deciding factor as long as the capital asset is long term the assessee is eligible for exemption .

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