Sold declared jewelery in wealth tax sold in the f.y 2011-12
This query is : Resolved
29 August 2016
IF SOMEONE HAS DECLARED JEWELRY IN THE WEALTH TAX RETURN PURCHASED F.Y 1984-85 . AND SELL IT IN THE F.Y 2011-12. NOT FILED THE IT RETURN FOR F.Y 2011-12, NOW WHAT REMEDY IS LEFT FOR THE ASSESEE AS THE IT RETURN FILING IS NOW TIME BARED. SUGGEST IF HE HAS ANY REMEDY UNDER THE IDS SCHEME 2016.
REGARDS
L.M. BANSAL
REGARDS
L.M. BANSAL
29 August 2016
Yes remedy is available, 45% tax payable based on market rate as on 01/06/2016 of asset purchased out of jewelry sold.
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