banner_ad

Section 54F and filing of Income tax return

This query is : Resolved 
Profile Image

Profile Image

(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
Profile Image

Ratan Sharma

Profile Image

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.
Profile Image

CA Nilesh Thakker

Profile Image

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
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now


CCI Pro
Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!


Similar Resolved Queries


loading


Unanswered Queries


banner

Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Follow us
add to google news



Answer Query



Quick Links



Browse by Category




Latest Job Openings

View all
Company
11 May 2026
AUDIT INTERN

M/S K.K.KHANNA AND COMPANY

Noida

CA Foundation

View Details
Company
16 May 2026
Account & Audit Asst

RAHUL KHANDEBHARAD & ASSOCIATES

Nashik

B.Com

View Details
Company
08 May 2026
CHARTERED ACCOUNTANT

SHAH LADHA AND ASSOCIATE

Ahmedabad

CA

View Details
Company
06 May 2026
Account Assistant / Article Clerk

V.K. Ranjan & Co(Chartered Accountants)

New Delhi

B.Com

View Details
Company
Featured 26 May 2026
Account Executive

SMJ global advisors pvt ltd

New Delhi

B.Com

View Details
Company
ARTICLESHIP 27 May 2026
CA Article Trainee

Rahul Dang & Associates-Chartered Accountants

Pune

CA Inter

View Details
Company
ARTICLESHIP 28 May 2026
Accounts, Audit & Compliance Executive

Shyam Joshi & Associates

Pune

B.Com

View Details
Company
14 May 2026
ICSI Trainees for 21 Months and Semi-Qualified CS

CMNITY HIRE

New Delhi

Others

View Details