Capital gain if registration happen later

A complex situation involving a gifted property, delayed registration, and TDS implications! Immediate Actions: 1. *Consult a Tax Professional*: Engage a chartered accountant or tax consultant to guide you through this process. 2. *Gather Documents*: Collect all relevant documents, including: - *Gift Deed*: The gift deed from your parents. - *Sale Agreement*: The sale agreement from 2016. - *Registration Documents*: The registration documents from 2024-25. - *TDS Certificate*: The TDS certificate showing the 1% deduction. Addressing the TDS and AIS Issue: 1. *TDS on Sale of Property*: The buyer deducted 1% TDS on the sale price of ₹90 lakhs, which is reflected in your AIS for FY 2024-25. 2. *Discrepancy in Sale Price*: The sale price in 2016 was ₹42 lakhs, but the AIS shows ₹90 lakhs due to the TDS deduction. Rectification Process: 1. *File Form 26B*: Submit Form 26B to the Income Tax Department to report the correct sale price and claim the excess TDS deducted. 2. *Submit Revised ITR*: File a revised ITR for FY 2016-17, reporting the correct sale price and claiming the capital gains exemption, if applicable. 3. *Respond to AIS*: Update the AIS with the correct information, reflecting the actual sale price of ₹42 lakhs. Capital Gains Tax Implications: 1. *Capital Gains Exemption*: Since you received the property as a gift, you might be eligible for capital gains exemption under Section 54 or 54F of the Income Tax Act. 2. *Consult a Tax Professional*: Seek professional advice to determine the capital gains tax implications and available exemptions. Important: - *Penalties and Interest*: Be prepared for potential penalties and interest on the delayed reporting of the sale and TDS. - *Tax Professional Guidance*: Rely on your tax professional's guidance to navigate this complex situation and ensure compliance with tax laws.