WHAT IS THE PENALTY IF CAPITAL GAINS TAX ON SALE OF PROPERTY IS NOT PAID
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Ltcg
Replies (5)
penality is depend upon many things
depend upon your tax liability if less than 10000/- then only interest will charge
on it if it is more than 10000/- then additional interest charge on it
and one moer thing the properity you sale it should be declare in income tax
return otherwise it will treate as investment and add it in your income
and tax calculate on it
Sir ,
How it is possible to show the sale of property in IT return when it is omitted and Tax not paid. How much penalty is payable next year if Tax liability is Rs 150000/- .Regards
THE PROPERITY U R SELLING SHOULBE BE MENTION IN UR BALANSHEET
IF NOT IT WILL BE TREATE UR INVESTMENT AND ADD TO INCOME PLUS THE
TAX AS PER CAPITAL GAIN PLUS PENALITY AND INTEREST
MEET A PROFESSIONAL AND GET THIS PROBOME SOLVED
GET SOLVED THIS MATTER BEFORE 31 ST MARCH
You can show the sale of property by revising your income tax return. Pay applicable tax on gains and thereafter file your revised return.
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