Section 54F and filing of Income tax return

This query is : Resolved

CA Nilesh Thakker (Querist)
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19 April 2011 Dear Expert

if the assessee has made long term capital gain and purchase of new residential house property to claim exemption u/s 54F.

the above fact he was not mentioned in the original return.

Please let me provide what are consequences of not showing capital gain and exemption in the income tax return.

Thanks

Ratan Sharma

Ratan Sharma (Expert)
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19 April 2011 IT Deptt may issue a notice in this regard or fix your case for scrutiny assessment. You have to prove that there was genuine mistake while filing return of income and there is no malafide intention of assessee otherwise the AO may proceed to tax capital gain and penalty proceedings.

CA Nilesh Thakker

CA Nilesh Thakker (Querist)
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20 April 2011 Thanks Ratan for your reply.

Now, if the assessee files revised return with Section 54F exemption, what will be the consequences?

regards

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