Saving Capital gain on Sale of property
This query is : Resolved
19 June 2023
Dear Sir,
If a person sold a property in the financial year 2020-21 which was in his name and had a capital gain of Rs. 40 lacs which he didn't invest it anywhere till date but rather used the sale proceeds to repay a loan of another property which was in his name. The loan was taken in the year 2016.
He didn't file his Income tax return for F.Y 2020-21 and has now got notice for filing updated return. Is there any way now he can save the long term capital gain tax on sale of property and file updated return.
Please suggest if there is any solution.
Regards,
Divyesh Jain
If a person sold a property in the financial year 2020-21 which was in his name and had a capital gain of Rs. 40 lacs which he didn't invest it anywhere till date but rather used the sale proceeds to repay a loan of another property which was in his name. The loan was taken in the year 2016.
He didn't file his Income tax return for F.Y 2020-21 and has now got notice for filing updated return. Is there any way now he can save the long term capital gain tax on sale of property and file updated return.
Please suggest if there is any solution.
Regards,
Divyesh Jain
19 June 2023
No way file updated return and pay applicable taxes.
19 June 2023
Ok Sir, Thanks for your reply
19 June 2023
You are welcome..
...
...
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
- Rental income to a Propreitor
- Appointment of auditor for a charitable trust
- LIC input tax of partner
- Rcm pay on Rent
- GST ON RENOVATION/FABRICATION WORK AT GODOWN
- LTCG exemption - sale of property
- Gratuity fund withdrawal from LIC
- GST on Transport of Exempted Goods
- TDS on work contact-NGO
- GST CLARIFICATION REGARDING
- Gst order u/s73
- INOPERATIVE PAN TDS DEDUCTED
- RCM on Commercial Godown
- Micro small medium enterprise
- INCREASE OF PAID UP CAPITAL
- Registered Required in GST Act
- NIC code for Shares and stocks trading / investment training business
- GST RCM on Freight Charges for Exempted Goods
- Taxation and Reporting - Redevelopment of building
- Uploading of J1 and Issuing Ledger confirmation
Trending Online Classes
CAclubindia
