Dear all,
one of my friend sold the house propery 9 years back at Rs.175000 and that time he has not paid any capital gain tax,now he wants to pay tax on the same (present market value is Rs.450000)
1.Can he pay the tax on the amount which he sold 9 years back?
2.If not is there any alternative?
1.Well tax will be paid only on 175000 which was the gain.Penalties for late giving tax may be levied.
2. It may be the case of section 271(1)(c) where the investment amount is the amount from capital gain for which you had not paid tax.
Just wrote what I thought the solution can be. Please correct me where i m wrong.
Thanks for rectifying vikas.................
CAclubindia
