Taxability of capital gain in next year

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

28 May 2015 Dear Sir/Mam,

I had sold the flat in the A Y 2012-13 (Date : 09/08/2012). but i did not file the return for A Y 2012-13. Now while filing the return of A Y 2014-15 can i take that Cap Gain in the A Y 2014-15.

CS Advocate Abhishek Goyal

CS Advocate Abhishek Goyal (Expert)
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28 May 2015 How can you take the capital gain into account in AY 2014-15 when it was sold in AY 2012-13 as it is taxable in the year in which asset was transferred.

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Querist : Anonymous

Querist : Anonymous (Querist)

28 May 2015 Kindly help me as i am unable to find the answer of this question. Thanx in advance

Querist : Anonymous

Querist : Anonymous (Querist)

28 May 2015 But sir no return is being filed in A Y 2012-13. Now what should i do?

Querist : Anonymous

Querist : Anonymous (Querist)

28 May 2015 And if i will not account this capital gain in this year then it would be a kind of tax evasion

Amol S Joglekar

Amol S Joglekar (Expert)
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28 May 2015 first decide what is your exact query. The answer given by Abhishek Goyal in his first attempt is quite correct and unambiguous as well.
Please redraft your exact query.
What is your FEAR...

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Querist : Anonymous

Querist : Anonymous (Querist)

28 May 2015 Sir My query is same what i have asked previously as i have sold the proprty in A Y 2012-2013 but the IT return of A Y 2012-13 was not filed so now can i take the capital gain in A Y 2014-15 to avoid tax evasion as the return of A Y 2013 is time barred now.

Amol S Joglekar

Amol S Joglekar (Expert)
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29 May 2015 I am not able to understand following point in your query,

01. What is the connection between NON FILING OF RETURN and TAX EVASION?

Have you really EVADED any tax amount??????

If not, don't bother yourself of filing a time barred return.

The other answer has already been given by CS Abhishek Goyal.... Don't have to show earlier years capital gain in 2014-15.

Querist : Anonymous

Querist : Anonymous (Querist)

29 May 2015 But sir what about the capital gain of A Y 2012-13? it wont be taxable now? bcz at the time of arising of cap gain i had not filed the return so no tax has been paid on it. If i wont include this cap gain now in A Y 2014-15 then it would be like i am not paying any tax on capital gain .

Amol S Joglekar

Amol S Joglekar (Expert)
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01 June 2015 see, pls understand a simple point..... what you have NOT done is "filing of return". The return filing is now time barred, right?

Paying income tax is NOT time barred. You can still pay the income tax for earlier assessment year viz.2012-13

Your views please.

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Querist : Anonymous

Querist : Anonymous (Querist)

04 June 2015 So you want to say that I can pay the IT Tax for A Y 2012-13. But sir, will they consider it without filling of IT return. Will it be okay if I pay the taxes but do not file the return?

Amol S Joglekar

Amol S Joglekar (Expert)
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04 June 2015 Return is time barred.
If at all you are keen in filing the return of income, make an application to CBDT requesting permission to file the same.