Cost of acquisition taken wrongly while filing Income Tax Return
This query is : Resolved
13 March 2024
Dear Sir,
One of my client was having Long Term Capital Gain from Sale of Property which he has invested in Purchase of New Property to save Capital Gain Tax.
But while filing his Income Tax Return he gave me the wrong Purchase amount to exempt Capital Gain and paid some tax.
My query is whether there is any way (online or physical) to revise this Purchase amount in the return as the due date for revising the return is already gone. i.e. 31st December.
Please help me resolve this issue.
Thanks,
Divyesh Jain
One of my client was having Long Term Capital Gain from Sale of Property which he has invested in Purchase of New Property to save Capital Gain Tax.
But while filing his Income Tax Return he gave me the wrong Purchase amount to exempt Capital Gain and paid some tax.
My query is whether there is any way (online or physical) to revise this Purchase amount in the return as the due date for revising the return is already gone. i.e. 31st December.
Please help me resolve this issue.
Thanks,
Divyesh Jain
13 March 2024
File updated return with 25% tax more.
13 March 2024
But to file updated return it doesn't allow me to decrease the income amount in the return and since I am increasing the investment amount for taking 54F benefit, I may not be able to file updated return as tax payable will decrease.
13 March 2024
Yes, you are right in such a case updated return can't be filed.
No other option available to you now.
No other option available to you now.
13 March 2024
Ok, Thanks for your reply.
13 March 2024
You are welcome..
..
..
07 April 2024
Sir same mistake happened with me, date of acquisition fed in ITR wrongly instead of 01.04.2001 with 01.04.2019, department has give indexation benefit from 01.04.2019, clarification seeked by deptt which is duly provided and through grievance window docs of property acquisition date are also submitted but huge demand in 143(1) issued. Pl can expert tell me how to proceed. No revision of itr possible.
08 April 2024
File appeal through an expert near to you.
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