Forgot to disclose income from sale of property.

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This query is : Resolved

Quick Summary

If you forgot to declare income from a property sale in June 2021, you can file an updated return for Assessment Year 2022-23. Filing by March 2024 incurs a 25% penalty on your tax liability. After March 2024, the penalty increases to 50% until March 2025. Filing an updated return is the recommended course of action.

prisha tripathi

prisha tripathi (Querist)

25 July 2023 I sold a property in the year June 2021. I forgot to show income from the sale of this property. Can I show it now? will there be any penalty? If there is a penalty how much it would be? any remedy to waive of penalty?

Dhirajlal Rambhia

Dhirajlal Rambhia

(Expert)

25 July 2023 You can file updated return for AY 2022-23. Penalty will be 25% over the actual tax liability.
No other option, better to file the updated return.

prisha tripathi

prisha tripathi (Querist)

25 July 2023 till when can I file the updated return with 25% penalty?

Dhirajlal Rambhia

Dhirajlal Rambhia

(Expert)

25 July 2023 Till March 2024 with 25% penalty. There after till March 2025 with 50% penalty.

Dhirajlal Rambhia

Dhirajlal Rambhia

(Expert)

13 September 2024 Good luck.

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