Long term capital gains non-disclosure

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

02 October 2014 Dear Sir,

I forgot to disclose Long Term Capital Gain arising out of Shares sold on the stock market when I filed tax return for FY13-14.
LTCG is in excess of Rs. 10Lakh.

What is the consequence?
LTCG is tax exempt. Is there penalty for such error?

Nikhil Kaushik

Nikhil Kaushik (Expert)
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02 October 2014 it wont result in many material consequence. However, it is advisable to revise the return and report the same under exempt income

Querist : Anonymous

Querist : Anonymous (Querist)

02 October 2014 Thanks Nikhil.

All documentation is at home in India.
I live overseas. I will have to make a special trip to bring all contract notes etc. together.

So I have to figure out whether the amendment can be done some time before next return? OR
Do I need to make a trip to India urgently.

Suugestions welcome.

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Nikhil Kaushik

Nikhil Kaushik (Expert)
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02 October 2014 I dont see any reason to make a visit to India as the visit itself may cost you about 1.5-2 lakhs..

you can revise the return upto 31 March 2016. In case you wish to immediately do it, you may hire a local consultant to help you with it. And if I am not wrong, your broker can provide you contract notes or summary of the same through email too.