WHAT IS THE PENALTY IF CAPITAL GAINS TAX ON SALE OF PROPERTY IS NOT PAID
5 Replies
(Guest)
penality is depend upon many things
depend upon your tax liability if less than 10000/- then only interest will charge
on it if it is more than 10000/- then additional interest charge on it
and one moer thing the properity you sale it should be declare in income tax
return otherwise it will treate as investment and add it in your income
and tax calculate on it
K V RAMA MOHAN RAO
(Service)
(66 Points)
Replied 10 March 2017
Sir ,
How it is possible to show the sale of property in IT return when it is omitted and Tax not paid. How much penalty is payable next year if Tax liability is Rs 150000/- .Regards
Studentsca
(CA Practice )
(3577 Points)
Replied 11 March 2017
You can show the sale of property by revising your income tax return. Pay applicable tax on gains and thereafter file your revised return.
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