PROPERTY CAPITAL GAIN ...

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B K D (Querist)
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20 July 2022 I HAD SOLD A PROPERTY IN NOV 2019 ( ACQUIRED IN 1995 ) AND WAS PLANNING TO BUY ANOTHER ONE .. I DIDNT DECLARE IT IN MY AY 20 -21 OR AY 21-22 IT FILING .. AND DUE TO COVID SITUATION I WAS NOT ABLE TO BUY ANOTHER PROPERTY ... AT THAT TIME A TAX CONSULTANT TOLD ME I CAN BUY A PROPERTY IN THREE YEARS .. ALSO I WAS NOT AWARE OF THE CAPITAL GAIN SCHEME ... I HAVE NOT RECEIVED ANY INTIMATION FROM THE IT DEPARTMENT YET .. DUE TO BUSINESS LOSSES DURING COVID I HAVE DECIDED NOT TO BUY A PROPERTY ANYMORE .. I WANT TO DECLARE THE LTCG .. SHOULD I FILE IT IN AY 22 - 23 OR IS THERE A WAY WHERE I CAN REVISE FILE IT IN AY 20-21 ... I HAD FILED ITR4 IN AY 20-21 .... KINDLY GUIDE

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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20 July 2022 You can file updated return for AY 2020-21. The penalty will be 50% over the excess tax liability including interest.

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B K D

B K D (Querist)
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20 July 2022 K AND I CANT FILE LTCG IN ITR4 SO I NEED TO FILE ITR 3 ...

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B K D

B K D (Querist)
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20 July 2022 ALSO IT WILL BE OFFLINE MODE ...

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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20 July 2022 Yes, ITR 3.
Only Offline mode enabled.

B K D

B K D (Querist)
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20 July 2022 THANK YOU FOR THE GUIDANCE ...

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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20 July 2022 My pleasure..

B K D

B K D (Querist)
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20 July 2022 SORRY FOR BOTHERING AGAIN .. UPDATED RETURNS 139 (8) IS NOT AVAILABLE IN THE UTILITY BUT INSTEAD REVISED RETUENS 139 (5) IS AVAILABLE .. CAN I USE THAT ??? OR SHOULD I FILE IN AY 22 - 23

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Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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20 July 2022 Select AY 2020-21 ...

Click on ... ITR 3
You will see as follows:::

For individuals and HUFs having income from profits and gains of business or profession
Document
Instructions
pdf (2050 KB)
Document
Utility Excel Based
zip (PR 5.0) Includes filing u/s 139(8A) (7910 KB)
Date of Ms excel release 08-Jul-2022
Document
Utility Java Based
zip (PR 3.3) (2998 KB) ............................

From above .. download EXCEL based utility...

B K D

B K D (Querist)
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20 July 2022 YEAH DOWNLOADED BOTH OF THEM ... IN THE EXCEL FORMAT THERE IS OPTION FOR 139 (8) BUT IT HAS AN ERROR WHERE THE FIELD FOR ' IF YOU ARE A COMPANY DIRECTOR ' IS NOT WORKING FOR SELECTION ... SO I CAN NEITHER SELECT A YES OR NO AND IT DOES NOT ALLOW CALCULATIONS .. IN THE JAVA UTITLITY THE 139 (8) OPTION IS TOTALLY MISSING . THEY HAVE SOME UPDATED SCHEMAS BUT THEY ALSO DONT WORK

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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20 July 2022 Only Excel utility is enabled for updated return u/s. 139(8) of IT act.
Don't try any other option, but file complaint under Grievance for any error, you face...

B K D

B K D (Querist)
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20 July 2022 OK .. WILL FILE A GRIEVANCE

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B K D

B K D (Querist)
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20 July 2022 COST OF ASSET IMPROVEMENT :: I HAVE RENOVATED ( NOT FURNISHED ) THE APARTMENT COUPLE OF TIMES BUT DO NOT HAVE RECEIPTS FOR THE SAME ?? CAN I AVAIL THE BENEFIT ?

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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21 July 2022 Proper evidences are must to claim any major costs. Just repairs of the flat will not be eligible for deductions.

B K D

B K D (Querist)
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23 July 2022 receipts i definitely don't have as they were like more than 10 and 22 years back .. but physical evidence is there .. it was completely improved .. and it was like almost 5l at that time

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Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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23 July 2022 Physical evidence is not considered, unless you have legal evidence. Physical evidence without your bank's entry, will land you in more trouble.

B K D

B K D (Querist)
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23 July 2022 legal evidence would amount to receipts only or something else too ? this property belonged to my father and after his demise after doing the legal transfer we sold it .. bank entry could be in my fathers account but dunno if banks will let me have that old data that too after his demise .. Actully can i connect with you directly ?? .. i need a lot of advise and consultation..

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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23 July 2022 If you wish to take advantage of any exemption, you must have evidence, without which your claim will be denied.

B K D

B K D (Querist)
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23 July 2022 OK THANX .. HAVE DECIDED NOT TO CLAIM BENEFITS FOR ETHICSAL REASONS .. I STILL NEED MORE ADVISES AND SUGGESTIONS ON OTHER ISSUES .. KINDLY LET KNOW IF I CAN CONNECT YOU DIRECTLY ..

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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23 July 2022 Sorry for that...
You can contact any other expert here..