Cash receipt in sale of property
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
10 September 2010
I had received 5% of my sale proceeds of a residential house by cash. I had not shown as income in my return filed in july 2009.
I utilised this money to pay a builder from whom i purchased a flat and the same was documented and receipt given by the builder.
Pls advise if I can declare now and pay tax on the same. Also advise as to what are the penal consequences levied by the AO in such cases.
I utilised this money to pay a builder from whom i purchased a flat and the same was documented and receipt given by the builder.
Pls advise if I can declare now and pay tax on the same. Also advise as to what are the penal consequences levied by the AO in such cases.
10 September 2010
File a revised return showing that income.
Only interest will be added with Tax..
Only interest will be added with Tax..
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