One of friend purchased a property in May 2003 for 20 lacs and sold it in June 2010 for 72 lakhs .
He did not show the sale / capital gains in his IT returns for the financial 2010-11 .
IT dept has sent a notice now for that .
DOUBT is he is running a business ( sole proprietorship ) . till 2010 he has business loss of 52 lacs .
I know that business can be adjusted for capital gains .
HE DID NOT FILE IS INCOME TAX RETURNS FOR FIN YEAR 2012-13 .
Please clarify whether he can adjust is business loss til 2010 for capital gains working now for the financial year 2010-11 .
Please reply experts . thank you
sukumar
CAclubindia
