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
In No account case the capital gain on sale of flat in ITR 4 can be shown.
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20 November 2015
Dear Sir,
Please tell whether I.T. Dept can say that the assesse has not shown the flat in his balance sheet in previous years so how can he sell the flat and make capital gains.
Hope to get a reply from you.
Thanks,
Abhishek.
Please tell whether I.T. Dept can say that the assesse has not shown the flat in his balance sheet in previous years so how can he sell the flat and make capital gains.
Hope to get a reply from you.
Thanks,
Abhishek.
21 November 2015
In no account case they will not ask for such questions.
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