Capital gain

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This query is : Resolved

PRASHANTH PAI K (Querist)

17 December 2014 My client NRI, filed her income tax return for the A.Y.2012-13, showing her interest income in India,and claiming refund of excess of tax deducted from source. However, she failed to show her capital gain from sale of property.

The capital gain accrued to her in the f.y.2011-12 has been invested in residential flat in the same year. The flat was under construction.

Her case is under scrutiny now. The assessing officer is of the opinion that section 54 is deduction section and not exemption section and the deduction can be allowed only if claimed through IT Return.

Please let me know whether there is an option out. I can not file revised return since the due date for filing revised return is already over. Are there any case laws which will come to the rescue of the Assessee.

Amol S Joglekar

Amol S Joglekar (Expert)

17 December 2014 What is the issue?
The fact that you have invested in the new house property in the same year can NOT be overlooked by any authority.
Ask him to proceed on best judgement assessment if he is NOT satisfied with your justification.

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