Dear sir/madam
My father invested in a residential flat in 2010 and paid upto Rs. 22,10,000 upto 2014 april... After that the builder went almost bankrupt and all his projects were held up... Now in dec 2020 the builder called up and decided to return the money in installments of Rs. 5 lakhs and return a sum of 30 lakhs.
Now the money was given in dec20 jan 21 feb 21 then oct21 dec 21 and jan 22, bifurcated into 2 financial years....
Now when i visited my CA he told me that there is no need to file itr now for the profit of Rs 7.90 lakhs (Rs. 3.95 lakhs each FY) as there is no provision to show money returned from builder in ITR so he told me that when a notice is sent to my father by the IT DEPT then he will give and EXPLANATION to the IT DEPT by scanning the photocopy of the cancel agreement...
Is this correct.. Will my father be in some kind of trouble if he doesn't submit the itr.... He is a retired person with income below 2 lakhs annually and has not file itr since 2013(retirement year) as income is always less than 3 lakhs
Please guide as to what to do next if there is any provision in ITR and ALSO how to save tax if there is any liabilities as the circumstances made both the builder and us to make him return the money.
Thanx in adv
CAclubindia
