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capital gain

22 November 2017

Sir one of my relative has been alloted house at bangalore in the year 1981 form Govt of karnataka with a term of 19 years lease agreement and subsequently possession of the house given in the year 2001 and registered in his name for Rs 33718. the the said house sold to his first daughter for a consideration of Rs 49 lacks in the month of March 2016.But he is not filed income tax return for the Asst.Order year 2016.2017 since he thought that his regular income is around 4000 per month.
my qtn is whether he has to file IT return for the Asst.year 2016.2017
Pl suggest me how to do it

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3 Replies

Shailesh Kumar (116 Points)
Replied 22 November 2017

yes he need to file itr for the year , As per income tax if any person who has total income without claiming any deduction or exemption is more than the taxable limit have to file the return

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Sampath Kumar (15 Points)
Replied 22 November 2017

yes he has to file an income tax return and a flat 20% tax on the amount of capital gain

Studentsca (CA Practice ) (3577 Points)
Replied 22 November 2017

QS:- filling of return is mandatory will depend on the fact whether the Gross Total Income exceeds maximum amount not chargeable to tax(I.e Basic Exemption Limit).

Gross Total Income will be derived after Detailed Capital Gain calculation and adding all other sources of Income for the year.

It is always advisable to file your Income Tax Return in case of any Capital Gains transaction to avoid any Income Tax Notice or inquiry.