Re: section 148

I Sold my mother site after 41 years I divide the amt to 6 persons each 15 lakhs.IT issued Sectionb148 to me.IT taken 5 person amt 75 lakhs less for tax. remaining amt taxed to me. whether my amt of 15 lakhs will be get Tax exemption but I paid 3 lakhs tax 2017_18 this amt reduced by IT,on total amt they again put the tax for 15 lakhs. what form I have to use vsvs and which ITO to be submitted form.

As per our understanding the revenue issued notice u/s 148 and assessed the income  at higher amount . One of the condition for availing the benefit of the scheme is the appeal must be pending as on 31 -1-2020  ie the specified date . We presume that the appeal is pending as on 31 -1 2020. We have to find out the quantum of addition is made and the tax in dispute in. appeal . The property being old the assessee is entitle to indexation benefit . We presume the AO has given the indexation benefit . When the assessee avails the benefit  VVSA  he will get the tax paid for the year under consideration .  If indexation is not given it may be advisable to take  additional grounds before CIT (A) and contest the  appeal on merits . 

 

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