Capital gain
This query is : Resolved
Guest
Guest
(Querist)
28 June 2012
THE PERSON SOLD ANCESTRAL OPENLAND FOR RS 1 CRORE ON 6/3/05 HE IS NOT ASSESSED TO INCOME TAX OR NOT HAVING PANCRAD NO HE HAS RECIEVED NOTICE U/S 148 FOR AY 2005/06 ON 04/01/2012
1) WHETHER THE NOTICE ISSUED BY THE INCOME TAX DEPARTMENT IS VALID NOTICE WITHIN TIME LIMIT OR NOT.
2) WHETHER THE PERSON HAS TO FILE THE RETURN SHOWING INCOME OF CAPITAL GAIN
1) WHETHER THE NOTICE ISSUED BY THE INCOME TAX DEPARTMENT IS VALID NOTICE WITHIN TIME LIMIT OR NOT.
2) WHETHER THE PERSON HAS TO FILE THE RETURN SHOWING INCOME OF CAPITAL GAIN
29 June 2012
1. Notice u/s 148 can be issued within 6 years from the end of the AY if the amount of income is Rs. 1 lakh or more.
2. Yes, the individual has to show the income under capital gain.
2. Yes, the individual has to show the income under capital gain.
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