Section 54F and filing of Income tax return
This query is : Resolved
CA Nilesh Thakker
(Querist)
19 April 2011
Dear Expert
if the assessee has made long term capital gain and purchase of new residential house property to claim exemption u/s 54F.
the above fact he was not mentioned in the original return.
Please let me provide what are consequences of not showing capital gain and exemption in the income tax return.
Thanks
if the assessee has made long term capital gain and purchase of new residential house property to claim exemption u/s 54F.
the above fact he was not mentioned in the original return.
Please let me provide what are consequences of not showing capital gain and exemption in the income tax return.
Thanks
Ratan Sharma
(Expert)
19 April 2011
IT Deptt may issue a notice in this regard or fix your case for scrutiny assessment. You have to prove that there was genuine mistake while filing return of income and there is no malafide intention of assessee otherwise the AO may proceed to tax capital gain and penalty proceedings.
CA Nilesh Thakker
(Querist)
20 April 2011
Thanks Ratan for your reply.
Now, if the assessee files revised return with Section 54F exemption, what will be the consequences?
regards
Now, if the assessee files revised return with Section 54F exemption, what will be the consequences?
regards
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