Saving Capital gain on Sale of property
This query is : Resolved
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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..
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