10 August 2021
Hi. I am writing this on behalf of my mother. My mother is a pensioner and she purchased one property in the year 2011 without my knowledge. That property was based upon power of attorney and full cash payment 11.50 lacs approx. Frankly speaking it was some fraudster who cheated her and sold some very bad property in very bad location in Delhi at very high price. Some how i came to know later and we could not sold the property for 10 years. Now recently again i came to know that the property was sold without my knowledge in F.Y 20-21.My mother sold the property in cash @ 8 lacs . and deposited the 6.86 lacs in her savings account . I have already filed the ITR on behalf of my mother this year but did not show the cash deposit. What should I do in this case. Should I file revised ITR and pay the tax by the way its a loss making transaction and I cannot show the property transaction. What source should I mention in the ITR. She has been filling the ITR since 6 to 7 years .Please help
10 August 2021
Cash deposit less than 10 lacs not reported to income tax by the bank. Check 26 AS it's not reported leve it. It's a loss transaction no need to report in ITR.
10 August 2021
Sir Thanks a lot . The cash was deposited this year in jan 2021 . Will it show in 26as. Can the income tax dept ask the source after 2-3 years.
CAclubindia
