ABSOLUTELY IN A BIG TROUBLE !! PLSSSS HELP ...
Hon'ble Respected Members over here ...
Need an Expert Opinion ...
With due respect i beg to inform u , that my client has a business of manufacturing of Jewelry products along with labor jobs in Pune ( Maharashtha ) , during the f.y 2011-2012, there was a long term capital gain raised for sale of Land, Flat & shop over there and thereafter he invested the whole sale proceeds to another new plot of land, shop and house in Kolkata ( WB ) ( as he shifted from pune to Kolkata ) .
Unfortunately, his Earlier C.A ( in Pune ) have done a great mistake as there was no mention of Long term capital gain with exemption u/s 54 along with new assets purchased in kolkata in the Balance Sheet of the Income Tax return f.y 2011-2012.
And,
Another mistake that Return filed through online for f.y 2011-2012 , but, ITR-V not yet send to CPC Bangalore .
Now, my question :-
1) As there was no mention of LTCG & Newly assets purchased ( Flat, LAND & HOUSE IN KOLKATA ) in the balance sheet OF F.Y 2011-2012,
What kind of adjustments require during the f.y 2012-2013 to resolve the assets related problems occurred in f.y 2011-2012 ???
Pls response as early as possible
Thanks..
CAclubindia
