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Doubt about Refound of It
Dear All
I have Doubt Regarding income tax refundOne of My Friends Village Govt Acquire Immovable property and Deducted Tds U/S 194 La @ 10%(80,000 Approx)in the year of 2007 but in that year they forgot about income tax return .But they want refund Now that tds. Is it possible to Claim Refund In 2010 (Belated return Filling in 2010)original Cost of Asset is 8,20,000 govt Paid 8,00,000.
So total Amount Refundable
They have no other source of income Except Agricultural income of 20,000 in that year (2007)
Please give Suggested Ans
Replies (1)
Im am going to assume that your friend's IT assessment relevant to AY 2007-08 is not over ..
The best way is to file the belated return of income showing capital loss of Rs 20,000/- (this cannot be carried forward since the return was not filed within due dat)
The belated return should be that of A Y 2007-08 and not 2010-11. Since the amount was received from the government in 2007 the taxability of capital gain/loss arises in the year of receipt of compensation.
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