31 January 2017
Master's My one client sale letout Reisdental Property in April 2013 AY 2014-15 around Rs.20,00,000/- my Q is 1) LTCG around Rs.7,00,000/- with index and Income Tax Return not file. Notice not received but what s impact if notice received ?? as per my knowledge 5000 Penalty, tax and Interest. any other issue ? how to calculate officer of tax Rs.??? 2) My client property purchase in April 1987. My Q is Purchase agg. not available what is impact of in if scrutiny notice received
31 January 2017
If any notice received from the department then u need to pay the Tax with Interest and Penalty,other than that there is no any such legals which u r bound with. I'll suggest to file the undisclosed income ASAP, to avoid more interest.
CAclubindia
