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LONGTERM CAPITAL GAIN TAX

This query is : Resolved 
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(Querist)
21 August 2009 DEAR SIR/MADAM

AN INDIVIDUAL RECENTLY SOLD ONE HOUSE PROPERTY.SALE VALUE NEARLY Rs23 LAKHS. IT'S A ANCESTRAL PROPERTY. TILL TO DATE HE DIDN'T FILE ANY RETURN TO IT DEPARTMENT. HE IS LIVING IN URBAN AREA. IS HE SUBJECTED TO LTCG OR NOT? IS HE HAS TO PAY ANY TAX ON THIS SALE?

THANKS IN ADVANCE
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CA CHINTAN AJMERA

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CA CHINTAN AJMERA (Expert)
21 August 2009 Yes he has to file the return and if required then pay tax also. If he don't do that then it might be posiible that income tax notice will come. because As per Rule Sale is more then 5 lakhs rs. then pan no. quated and that database going to IT DEPT.
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