Capital gains
This query is : Resolved
19 November 2015
Dear Sir,
An assesse having a proprietorship business and he had purchased a flat in 2001 in his name and he wants to sell the flat in 2015 which would result in capital gains tax. He has original documents of the flat which is reflected in his personal balance sheet but in ITR 4 he if filing the return in No Account Case i.e. where regular books of accounts in business are not maintained. So can he show the capital gains on account of sales of the flat in ITR 4 because he has not shown the flat in ITR 4 in previous years.
Please rely as early as possible.
Thanks,
Abhishek.
An assesse having a proprietorship business and he had purchased a flat in 2001 in his name and he wants to sell the flat in 2015 which would result in capital gains tax. He has original documents of the flat which is reflected in his personal balance sheet but in ITR 4 he if filing the return in No Account Case i.e. where regular books of accounts in business are not maintained. So can he show the capital gains on account of sales of the flat in ITR 4 because he has not shown the flat in ITR 4 in previous years.
Please rely as early as possible.
Thanks,
Abhishek.
20 November 2015
Yes, Form ITR-4 can be used.
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