Implications of failure to report capital gain
This query is : Resolved
17 September 2013
Dear Experts,
An individual sold his self use residential property and invested the entire sale consideration to immediately buy another self use residential property. Under common sense understanding of not gaining any monetary benefits from the transaction (ie no surplus saved/ gained), he failed to report the transaction in his ITR.
As the case has been selected for scrutiny assessment, what can be the likely implications (time limit for revised return is over).
Thanks in advance
An individual sold his self use residential property and invested the entire sale consideration to immediately buy another self use residential property. Under common sense understanding of not gaining any monetary benefits from the transaction (ie no surplus saved/ gained), he failed to report the transaction in his ITR.
As the case has been selected for scrutiny assessment, what can be the likely implications (time limit for revised return is over).
Thanks in advance
17 September 2013
with the enclosure of exempted documents write a letter to the AO from where you received notice with requesting con- donation for the mistake in ITR.
OM SAI SRI SAI JAI JAI SAI
OM SAI SRI SAI JAI JAI SAI
19 September 2013
Let the AO raise this issue and at that time you can explain that there was no capital gains as the transaction is exempted u/s 54F(1) & (4)
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- ITC temporary reversal and reclaim
- Inventory of finished goods
- Applicable TDS rate for sale of property in Nov 2024
- RCM INVOICING FROM NOV-2024
- Confusion around Form 26QB fields
- Sale of property furniture sale
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- TDS under section and rate of TDS
- GST input on scooter purchased
- TDS under section 194Q and TCS under section 206C
- GST input on car insurance and repairs
- GST input on Diwali gift to employee
- GST input on Mobile Handset
- Material and freight in same invoice
- TDS under section 194J inclusive of reimbursement of expenses
- TDS on Material and Labour in same invoice
- Should I be worried about and rectify reporting Jan,Feb ,March 2024 foreign salary in schedule FA?
Trending Online Classes
CAclubindia
