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Income tax

This query is : Resolved 
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(Querist)
19 August 2019 I have filed return of my mom last year
In the return i have shown building of rupees 700000
But depericiation not charged
But i have shown it in the block
But in real this building is not for business purpose
And we do not use this for business
In the py 2018-19
Sold date i e on 13-1-19
We sold the property for 1060000
Now how i should treat this

As a capital gain or as a pgbp (block)

If i take as a capital gain
Than no tax
Because of indexation

But if i treat this as a pgbp
There will be tax bcs my block become nil
How i should treat this.
I have no investment till now


Question

1 if i show as a cap gain
Whether chances of notice are there or not
2 whether to treat this as a cap gain or block pgbp
3 which itr i should file if my mother has 50000
Also business income
4. If notice come what was the interest implecation
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Amol S Joglekar

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Amol S Joglekar (Expert)
13 February 2020 you can show it long term capital gain as you have NOT claimed the depreciation
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