Hello,'
Notice has been received under CIB-401 Regards sale of Immovable Property Ay 2011-12, non filing of returns due to no income for many years. The said property was a HUF property which after mothers death was sold and income distributed between 6 children. Do these children ( now adults) have to file returns (can 2011 return be filed now online??) need to pay capital gains tax + interest or this is an exempt income?
Dear Uttam,
Whatever liability to pay tax arise in future, you need to pay the same.
As you have not filed the IT return of your mother (Assessee).
Also due to the synchrinisation, each and every department of Govt. informs your transaction to IT department.
Hence, you received the notice and accordingly you need to pay the demand.
Ok sir so in my hand it will be a capital gain or income from other source?
CAclubindia
