A.O to Refer Valuation of Property as on 01/04/1981

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Finance Bill 2012-13 has brought another new provision to check evasion of capital gains . Under section 55 of the Income Tax Act , in a case where the capital asset became the property of the assessee before 1st April, 1981, the assessee has the option of substituting the fair market value of the asset…

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About Prashant Thakur
The author has spent twenty years with Income Tax department and desire to service common citizen of India which include professionals like tax practioners ,CA,ICMA, CS and tax lawyers by advising them on the direct tax matters for a very affordable fee.

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