Capital gain

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

18 June 2016 Dear sir,

i got new assessee recently. Assessee got recently one notice from income tax department. Notice contained that source of immovable assets for assessment year 2013-14..that is assessee purchase new assets Rs 50.00 lakes in the year assessment year 2013-14. Afterwards i collected all documents from concern person for assessment year 2013-14.

During the year 2013-14 assesses sold old house Rs 50.00 lakes and invested new house. that he fufill u/s 54 of income tax act. that result of NO CAPITAL GAIN from transaction. So assessee not showing in the income tax return above transaction. Above transaction showing in his bank statement.

Now my question is above transaction any violation of income tax act.

anyone guide me for completion assessment in INCOME TAX OFFICER

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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18 June 2016 Reply to the notice showing details for source of income which is exempted from tax. This transaction should have been disclosed in the IT return filed. No penalty can be levied for such non disclosure. You only has to prove the source of income.

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