We have sold the gold ornaments in the FY 2012-13 and we have not disclosed capital gain in our IT return and credited the entire proceeds in our capital account.
We have received notice u/s 133(6) whereby we have been asked to furnish the source of funds,
Kindly guide us as to the consequences of the non-discloure of capital gain.
| Originally posted by : deepak | ||
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We have sold the gold ornaments in the FY 2012-13 and we have not disclosed capital gain in our IT return and credited the entire proceeds in our capital account. We have received notice u/s 133(6) whereby we have been asked to furnish the source of funds, Kindly guide us as to the consequences of the non-discloure of capital gain. |
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It can result in concealment of income and penalty u/s 271(1)(c) can be levied.
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