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Revision of income tax return
Dear Expert
Please guide me regarding the revision of ITR as one of my friends has forgot to show his capital gain from sale of property.he sold property in 2013-14 of Rs.25 Lac which was purchased in 2012-13 for Rs.20 Lac.but he filed his return for his salary only and did not show capital gain.now he got notice from department that property transaction was reported in AIR but assesses has not shown in ITR.So,please advise now what is the option.
Replies (4)
Under which section has the notice been issued??
It is showing under Return Mismatch Response in Income tax log in Portal.
It is showing under Return Mismatch Response.Screen shot is attached.
Since the capital gain is short term capital gains tax is applicable. Pay tax and thereafter file a revised return us 139 (5) stating the acknowledgement number of the original ITR and include the capital gain calculation this time. Also the tax paid challan details will have to be entered.
Thereafter once you file the return respond to the online notice accordingly.
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