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Capital gain under income tax

Tax queries 336 views 1 replies

Dear Sir, I have a question regarding the financial year 2017-18. i sold a property in 2017-18 and failed to include the details of my capital assets (immovable assets) in my income tax return also have not filed the income tax return for FY 17-18. However, I am aware that there is a grace period of 3 years to report capital assets details in the third year after the assets have been sold. I would like to know if it is possible for me to file or submit the capital gain details relating to FY 17-18 in ITRV of  FY 20-21 under ITRV-U.

Request you to guide me.

Replies (1)

if the relevant assessment year for FY 2017-18 has passed, filing a belated or revised return for that specific year might not be possible. It's recommended to consult with a tax professional to get personalized advice based on your specific situation


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