A notice has been received from IT deptt regards house sale of ancestral property reurn not filed by senior citizen with no income in 2011, this year . Answer has been asked why not tax paid so any advise what to reply. What all may be the implications like fine, penalty etc.
1 Replies
Vineet Goyal
(Assistant Manager - Finance & Accounts)
(702 Points)
Replied 25 March 2015
There may be long term capital gain on which tax was supposed to be paid. Depending on the purchase value and sale value.
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