Long term capital gains non-disclosure

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Querist : Anonymous

Querist : Anonymous (Querist)

02 October 2014 Dear Sir,

I forgot to disclose Long Term Capital Gain arising out of Shares sold on the stock market when I filed tax return for FY13-14.
LTCG is in excess of Rs. 10Lakh.

What is the consequence?
LTCG is tax exempt. Is there penalty for such error?

Nikhil Kaushik

Nikhil Kaushik (Expert)

02 October 2014 it wont result in many material consequence. However, it is advisable to revise the return and report the same under exempt income

Querist : Anonymous

Querist : Anonymous (Querist)

02 October 2014 Thanks Nikhil.

All documentation is at home in India.
I live overseas. I will have to make a special trip to bring all contract notes etc. together.

So I have to figure out whether the amendment can be done some time before next return? OR
Do I need to make a trip to India urgently.

Suugestions welcome.

Nikhil Kaushik

Nikhil Kaushik (Expert)

02 October 2014 I dont see any reason to make a visit to India as the visit itself may cost you about 1.5-2 lakhs..

you can revise the return upto 31 March 2016. In case you wish to immediately do it, you may hire a local consultant to help you with it. And if I am not wrong, your broker can provide you contract notes or summary of the same through email too.

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