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
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 5 years ago in Income Tax
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.
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Thank you
Sir they will get purchase deed in search itself but the deed is itself 15-20 years old... so according to IT act they cant assess the assests buyed 10 years ago.. it is true?
Asked 5 years ago
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.
It mean that someone evaded the tax or buy property in cash without paying tax beyond 10 years ago.... as IT DEPARTMENT NOT asking the source of income beyond 10 years in their assessment... so it will be a loss to govt .. as anyone evaded tax 10 years ago and buyed assests for that itself become genuine as the tome passes as the IT deparment not considering that in search and seize no matter how high the value is.. Ot os true?
Asked 5 years ago
Yes that's true.
Yes, they can not assess the assets purchased 10 years ago.
Yes, it is true.
Hi,
Yes, according to IT act they cant assess the assests buyed 10 years ago.
Hi
Yes ,Assets purchased 10 years ago,can't be assessed by IT department
Hope it helps
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