“A significant number of taxpayers don't maintain proper documents,” said Mr Patel. This leads to a number of problems as proof is required in law if there is a scrutiny. Maintaining documents related with immovable property (even old documents) is extremely critical. While buying or selling immovable property, it is important to take a receipt for brokerage paid to real estate agents in order to prevent disallowance of expenditure. 
He patiently answered a number of questions posed by an eager and inquisitive audience. The questions covered issues like number of years for which records need to be maintained, income tax refunds and income tax return (ITR) forms for different categories of taxpayers. There were a number of queries related to capital gains on sale of immovable property covering issues like the date on which capital asset is purchased and the period for which indexation benefit is available. 
Inside story of the National Stock Exchange’s amazing success, leading to hubris, regulatory capture and algo scam
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