sir,
if someone has sold his property in cash . then what would be the panalty, and what to do according to income tax act. and what other remedies are for me
note. it is long term capital gain
Penalty would be equal to the amount received u/s 271DA of Income tax act. IMO the only remedy is to show that here were good and sufficient reasons, to the Joint Commissioner who can levy such penalty.
Calculate the capital gain and pay taxes properly.
CAclubindia
