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Late it returns

Hari Narayanà Bhat B.R. (RETIRED) (36 Points)

05 February 2017

I had not filed since 2014-15. I had sold my flat during the year purchased in 2000 for 19 lakhs. I am having 14 lakh in my FD Account. I have no other income except interest from this FD and another FD for 13000/- of gratuity. How the income tax is calculated now? I had remitted any tax for years since Assessment Year I had submitted return last.

How much Interest and penalty in addition to tax payable on the amount? I have no document with me to show the source for the sales amount. What are the documents to be filed for interest received and the amount received from the sales?

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3 Replies

Studentsca (CA Practice ) (3577 Points)
Replied 05 February 2017

You may have earned Long Term Capital Gains (LTCG) or incurred Long Term Capital Loss (LTCL) on the sale of your Flat. The calculation of LTCG/LTCL is possible only if the following details are available

1. Cost of Acqusition

2. Year of Acqisition

3. Year of Sale

Once LTCG/LTCL is calculated then interest income from FD will be added to that amount.

Whether interest or penalty is payable or not will be determined accordingly.

Hari Narayanà Bhat B.R. (RETIRED) (36 Points)
Replied 07 February 2017

.Thanks for the prompt reply.

1. The property was acquired in six lacs.

2. The year of acquisition was in 2000.

3. Year of Sale is in 2014.

Additional details:

Acquired during 2000 5 lakhs Housing Loan repaid in 13 years. Sold in 2014 for 19 lakhs. 14 lakhs in FD as I have already said.

Please advice the calculated tax liability on the amount for the assessment year 2015-16. .

Documents to be submitted along with return during efileing of returns for monthly Interest and amount received by the Sales proceed.

Thanking You

Studentsca (CA Practice ) (3577 Points)
Replied 07 February 2017

Dear Sir,

I have computed your Income Tax Liability provisionally which is as follows

Income from Capital Gains Rs. 3,86,700/-

Income from Other Sources Rs. 1,40,000/-

Total Income Rs. 5,26,700/-

Total Tax Payable Rs. 28,360/-

I have calculated these figures based on the information given by you

And the following assumptions

House was purchased between 1st April 2000 to 31st Dec 2000
House was sold between 1st April 2014 to 31st Dec 2014
Capital Gains arising from the house were not used to purchase any other residential property within 1 year before or 2 years after the date of sale.
Capital Gains arising from the house were not invested in CGAS or REC or NHAI bonds within the due date.
FD interest rate is 10%
Investment U/S 80C is Rs. 1,00,000/-
You are a senior citizen

However these are just estimates. Actual computation can be done only when all the other required information is available.

In case you need further assistance feel free to contact me.

Please check your PM .