A person had sold his property in p.y. and recieved the consideration through cheque till 31st march and cash after 31st march. He had shown the cheque amount under capital gain head in p.y. but not be able to show the cash amount as it is rcvd after 31st march and becuase of this there is capital loss in p.y. He had aslo purchased the new house after 31st march. now if he deposit the cash amount in his account is he liable for penalty? and He also want to file his return now, can he file the return?
2 Replies
JAYANTA GHOSH
(Mgr)
(40 Points)
Replied 16 November 2016
Capital Ac gain or loss could be adjusted over a period of eight years with or without indexation benefit. Purchase of agricultural land, as per the definition of distance & population will not be considered for adjustment of Capital Gain.
sivabommakanti
(CA - Tax Consultant)
(267 Points)
Replied 17 November 2016
1. He can safely deposit the cash in bank without penalty if the proceeds include the cash also. ie., sale registration document includes the consideration in money also.
2. Yes he can file his return now also
2. Yes he can file his return now also
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