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Income tax exemption u/s 54

Income Tax - Started By: - SHOEB VAPIWALA - Dated:- 9-3-2015 Last Replied Date:- 12-3-2015 - Dear Expert(s), The 5 persons A, B, C D and E are had sold their inherited property prior to independence of India in F Y: 2006-07 for ₹ 11.50 Lacs. Th .....

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47 and to begin proceeding u/s 50 (C) of the I T act., 1961. Does the issued notice is valid under the law? Now, the ITO is proceedings u/s 148. Does it also valid? The inherited all 5 persons are having the court order in the year 1991-92 towards 1. .....

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as on 01.04.1981 is required? Further, What will be the consequences of LTCG u/s 54 out of the sales realization: Mr. A has purchased a new property on his own in F Y : 2006-07 Mr. B has purchased a new property on the name his wife in the F Y: 2006 .....

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