TAX LIABILITY ON SALE OF INHERITED PROPERTY

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This discussion addresses tax liability on the sale of inherited property. The user received Rs. 9 lakh from a Rs. 45 lakh sale in FY 2020-2021 but didn't declare it in their ITR-1, which only included salary income. They are concerned about potential tax implications and how to treat this income when filing their ITR for FY 2023-2024, especially after purchasing a new flat. It's noted that the deadline for filing an updated return for FY 2020-2021 has passed, and the income cannot be declared in the current year's return.

MONU P

MONU P (Querist)
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09 April 2024 Respected All Experts,

I want to know about tax liability on received of Rs. 9 Lakh of my share in my Bank account from sale of inherited property ( Father) which total cost of sale was Rs. 45 Lakh in Financial year 2020-2021. I am salaried person and i filed ITR-1 in financial year 2020-2021 only for salary income. I have not mentioned in ITR about received amount of Rs. 9 Lakh which was also showing in 26AS. I continued filed ITR-1 for salary for the financial year 2021-2022 and 2022-2023 regularly.

Now in Financial year 2023-2024 I purchase a flat of Rs. 28 lakh in March,2024 from Builder but possession of flat will be in june,2024.

(1) My query is to know about any tax liability arise due to not include income of sale of inherited property (father) in ITR of F.Y. 2020-2021 ?
(2) Second How I treat this Income received in F.Y. 2020-2021 in Current financial year 2023-2024 which ITR to be file in July,2024 ?

Thanks & Regards,

MONU P

MONU P

MONU P (Querist)
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23 April 2024 Respected All experts,

Please someone reply.

Thanks & Regards,

Monu P

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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05 May 2024 The due date to file Updated return for FY 2020-21 i.e AY 2021-22 was 31.03.2024, which you missed. Now wait for any query from ITD.
You cannot declare the income in current year ITR.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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08 September 2024 Good Luck.

MONU P

MONU P (Querist)
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09 September 2024 Thank you very much sir

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