Udgam Koomar (Tax Technologist) (1949 Points)
25 March 2015A 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.
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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