28 October 2015
Dear Sir/Madam, An assesse aged about 68 years had sold a land amounting to Rs. 12.00 Lacs in May'2012 relating to A.Y. 2013-14 which falls under long term capital gain and he had deposited that money in savings bank account in that year and not filed any income tax return and not invested that money in any capital gain bonds and now in Oct'2015 income tax department has sent him a notice stating that he has deposited cash of Rs.10.00 lacs or more in Savings bank account and as per there records he has not filed IT return and IT department mentioned to file a compliance in the E-Filing Portal for non filing of Return.
So please explain what will he write in the compliance module and which option should be selected because department told to file it within 20 days on receiving the notice.
Please give your suggestion as early as you can because he is quited tensed as to how to cope up with the situation now. Your suggestion can help him a lot, so please reply.
28 October 2015
See whether it is a rural agricultural land which is exempted. Also see the document value registered for the sale. Confirm the two points I can suggest a reply.
29 October 2015
Dear Sir, It is not a rural agricultural land and the document value registered for sale is Rs. 11.60 Lacs which was sold in May'12 and the money he received has not been invested in any bonds within six months but he has deposited that money in savings account.
Now please tell what will I reply in the compliance module and if he has to pay the tax now on capital gains then there will be huge tax implication which is not affordable for him now.
CAclubindia
