Capital gain

This query is : Open

Querist : Anonymous

Querist : Anonymous (Querist)

24 November 2011 Dear Sir,
I have filed a return for Asst.Year10-11 in which capital gain arised but all gain has been invested in Capital Gain Account.So I have not mentioned the capital gain amount in return. Now on withdrawal of capital gain Form G required tobe signed by ITO. So will ITO create query for non disclosure of capital gain in return. However interest on that gain and bond have been disclosed and tax pai thereon already. Please let me know the conclusion.
Regards,
Anil Thakar.
Accountant.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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24 November 2011 As you have not shown the capital gains and
further did not claim exemption, you may be required by the ITO to recompute your total income.

.

As you have shown interest, ITO may consider your submission favorably.

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Querist : Anonymous

Querist : Anonymous (Querist)

30 November 2011 The Capital gain was 50 lakhs and invested Rs.50 lacs in capital gain account. Which was not shown in return of income now it is invested in housing property for 42 lacs and I will pay tax for 8 lacs. is it correct?

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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02 December 2011 Yes , you have to pay tax on the amount withdrawn from capital gains a/c and has not been invested in the residential House.

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