Capital gain

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deepak

Accountant

21 Points Posted on 09 January 2016

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.

Replies (3)

Mayur Kashinpure

Student

308 Points Posted on 09 January 2016

Originally posted by : deepak
	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.

It can result in concealment of income and penalty u/s 271(1)(c) can be levied.

Karthik.V.Kulkarni

Chartered Accountant

766 Points Posted on 10 January 2016

Hi, would suggest you to reply to the notice. If no reply is given the value of gold will be taken as your income. I would suggest you reply by substantiating the source of income. And on the other hand u mentioned u did not mention capital gains in return, does it mean u did not mention the transaction itself? Then this is serious case and you will be liable to peanlty.