Capital gain

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.

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.

For detailed discussion kindly contact @ kulkarni.king @ gmail.com Ph: 8951210698