Hi all, I have doubt regarding LTCG. I am non working and my annual income is beow 2 lacs. but last year i sold one residential plot out of which LTCG arises and the same amount i invested in new house. So remaining LTCG is 0. Now my doubts are
1. do i need to file ITR for LTCG benefit as my income is below exempt limit and i never have filed ITR before.
2. Also does IT department can cancel my benefit under section 54 if i file ITreturn after receiving notice from IT department.
My financial planner adviced me not to file return as my income is below limit and only file if you get notice from IT. just wanted to have second opinion. Thanks
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LTCG doubt
Replies (2)
I would suggest filing of return. Why to wait for notice?
Yes you have to file IT return.Otherwise how can you claim exemption under section 54 and declare that you don't have taxable income.
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