Cost of acquisition taken wrongly while filing Income Tax Return

Save Share

This query is : Resolved

Quick Summary

A taxpayer mistakenly reported the wrong purchase amount when filing their Income Tax Return, leading to an incorrect calculation of Long Term Capital Gains tax. The revision deadline has passed, and the taxpayer is seeking ways to correct this error. While filing an updated return to decrease income or increase investment for tax exemption isn't possible, filing an appeal with supporting documents is suggested as a potential solution.

DIVYESH JAIN

DIVYESH JAIN (Querist)
Follow

13 March 2024 Dear Sir,

One of my client was having Long Term Capital Gain from Sale of Property which he has invested in Purchase of New Property to save Capital Gain Tax.

But while filing his Income Tax Return he gave me the wrong Purchase amount to exempt Capital Gain and paid some tax.

My query is whether there is any way (online or physical) to revise this Purchase amount in the return as the due date for revising the return is already gone. i.e. 31st December.

Please help me resolve this issue.

Thanks,
Divyesh Jain

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
Follow

13 March 2024 File updated return with 25% tax more.

DIVYESH JAIN

DIVYESH JAIN (Querist)
Follow

13 March 2024 But to file updated return it doesn't allow me to decrease the income amount in the return and since I am increasing the investment amount for taking 54F benefit, I may not be able to file updated return as tax payable will decrease.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
Follow

13 March 2024 Yes, you are right in such a case updated return can't be filed.
No other option available to you now.

DIVYESH JAIN

DIVYESH JAIN (Querist)
Follow

13 March 2024 Ok, Thanks for your reply.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
Follow

13 March 2024 You are welcome..
..

VIJAY KUMAR

VIJAY KUMAR (Expert)
Follow

07 April 2024 Sir same mistake happened with me, date of acquisition fed in ITR wrongly instead of 01.04.2001 with 01.04.2019, department has give indexation benefit from 01.04.2019, clarification seeked by deptt which is duly provided and through grievance window docs of property acquisition date are also submitted but huge demand in 143(1) issued. Pl can expert tell me how to proceed. No revision of itr possible.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
Follow

08 April 2024 File appeal through an expert near to you.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!