Capital gain

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

27 July 2012 guys plz help me.
I have a house property in delhi.i had sold it in the year 2011-12 and purchased another house property in ncr.
i m a govt employee.
my query is that should i file a income tax return for the capital gain arising from 1st property.what is the time limit for the return.i hv allready filed a return for my salary income.
plz answer my query.

thanks to u all

Mohit Naithani

Mohit Naithani (Expert)
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27 July 2012 If you sale a residential house property and earn a Long Term capital gain from it, then u have to pay tax on it. But you can claim exemption u/s 54 by purchase a new residential house property before 1 year or after 2 years from the date of sale. You also can claim exemption u/s 53 EC by purchasing Bond issued by NHAl or RECL upto rs 5000000/-.

I think you already purchase a house property and now capital gain is not taxable if amount of house is exceed the amount of Capital gain.

Last date of filling return is 31st July 2012 but you can revised is even after one year from the last date of AY. But if in between AO issued a notice to you then revised return is invalid even its file before the end of one year from the last date of AY.

A.Y. 12-13 last date of A.Y.= 31.03.2013 and last date for revised return is 31.03.2014.

Querist : Anonymous

Querist : Anonymous (Querist)

27 July 2012 thanks mr mohit.i hv allready filed return for this year.but not show the capital gain arising from sale of the property.now what should i do?plz clarify

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Mohit Naithani

Mohit Naithani (Expert)
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27 July 2012 You have to file revised return u/s 139 (5) up to 1 year from the end of relevant A.Y.

Message likes : 1 times

Querist : Anonymous

Querist : Anonymous (Querist)

27 July 2012 okkkkkkkkkk.
please tell me that what is the last date of filing of return for this year.is this 31 st of july?????????or latter.

Mohit Naithani

Mohit Naithani (Expert)
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27 July 2012 If you did not have tax liability then for 31.07.2012 (A.Y. 12-13) Last date is 31.03.2014.

But if you have tax liability then paid it on immediate basis with interest (if any) and then you can file revised ITR according to date mention above....