Mrs Shome from Birati, West Bengal, India, received an income tax notice after her husband sold their joint property for Rs 16.31 lakh in FY2014-2015. Although the money was deposited into his State Bank of India (SBI) account, the tax notice was triggered because the stamp duty valuation authority assessed the property’s market value at Rs 30.51 lakh
It’s hard to believe that anybody would want to sell their property at such a significant loss, i.e about Rs 14.2 lakh below market value. This led the income tax Assessing Officer (AO) to suspect that the Shome family had some undisclosed income, prompting a reopening of her tax file.
