Return not filed of the year of sale of house property

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Querist : Anonymous

Querist : Anonymous (Querist)

17 November 2016 What are the implications in income tax today if assessee has not filed it's income tax return of AY 11-12 in which he has sold house property. Also the money was not deposited in bank account as required for claiming deduction under sec 54. However the receipt of sale is used in constructing new house.

Shijith

Shijith (Expert)
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17 November 2016 You were required to file IT return. But it was not done. But you will get the exemption from Capital gain as you were invested the proceeds of sale property for constructing new house. Keep your building permits and related documents for future references. Now, keep silent, and will reply same thing to It department if they raised any notices.