Implications of failure to report capital gain
This query is : Resolved
17 September 2013
Dear Experts,
An individual sold his self use residential property and invested the entire sale consideration to immediately buy another self use residential property. Under common sense understanding of not gaining any monetary benefits from the transaction (ie no surplus saved/ gained), he failed to report the transaction in his ITR.
As the case has been selected for scrutiny assessment, what can be the likely implications (time limit for revised return is over).
Thanks in advance
An individual sold his self use residential property and invested the entire sale consideration to immediately buy another self use residential property. Under common sense understanding of not gaining any monetary benefits from the transaction (ie no surplus saved/ gained), he failed to report the transaction in his ITR.
As the case has been selected for scrutiny assessment, what can be the likely implications (time limit for revised return is over).
Thanks in advance
Dintakurthi Tirumala
(Expert)
17 September 2013
with the enclosure of exempted documents write a letter to the AO from where you received notice with requesting con- donation for the mistake in ITR.
OM SAI SRI SAI JAI JAI SAI
OM SAI SRI SAI JAI JAI SAI
19 September 2013
Let the AO raise this issue and at that time you can explain that there was no capital gains as the transaction is exempted u/s 54F(1) & (4)
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