• Search and seizure

In income tax search (raid) .. assessment for how many years to be done by department...
Let us suppose year of search is 2019 then upto how many years record one have to show to department... also one land property buyed let say 15 years back ... would department want explanation for that also?. as it is too old to consider
Asked 2 months ago in Income Tax from Delhi, Delhi

Dear Sir,

 

Hope you are doing well !!

 

Income Tax officers can now reopen tax cases for up to 10 years if search operations reveal undisclosed income and assets of over Rs 50 lakh.


Thank & Regards,

Payal Chhajed

 

Payal Chhajed
CA, Mumbai
1893 Answers
14 Consultations

5.0 on 5.0

Since they are doing search in FY 2018-19 then can ask for records from FY 2012-13 till today.

Obviously they can't ask in this assessment but one day when you will sell the property they will ask about the purchase deed and all as you will be claiming it's cost.

Hope you find the information helpful if you do please rate it 5 and provide your valuable feedback for my improvement.

Thank you

Naman Maloo
CA, Jaipur
1204 Answers
11 Consultations

5.0 on 5.0

Yes they can't and if you have proper deed they cannot question the cost of purchase at the time when you sell such property as it is a bit old.

 

Naman Maloo
CA, Jaipur
1204 Answers
11 Consultations

5.0 on 5.0

Yes that's true.

Naman Maloo
CA, Jaipur
1204 Answers
11 Consultations

5.0 on 5.0

Yes, they can not assess the assets purchased 10 years ago.

Payal Chhajed
CA, Mumbai
1893 Answers
14 Consultations

5.0 on 5.0

Yes, it is true.

Payal Chhajed
CA, Mumbai
1893 Answers
14 Consultations

5.0 on 5.0

Hi,

 

Yes, according to IT act they cant assess the assests buyed 10 years ago.

Karishma Chhajer
CA, Jodhpur
936 Answers
4 Consultations

5.0 on 5.0

Hi

 

Yes ,Assets purchased 10 years ago,can't be assessed by IT department

 

 

Hope it helps

Swati Agrawal
CA, Indore
962 Answers
3 Consultations

5.0 on 5.0

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