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Notice received for non filing

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shobhit

339 Points Posted on 05 February 2023

i have received a notice as i have not filed itr in 2015, my ques is i sold the property in which cap gain arises i was the sole owner, for cap gain exemption i purchased the property in joint ownership.

my ques is will i get half cap gain exemption as my second purchase was joint ownership, or i can claim full cap gain exemption

second will they consider my point of cap gain?? can they say u have not filed the itr so it will be considered as nothing has been done from your part and pay full tax on property sold....as i have not filed the itr,

third what can be the penelty for non filing of itr.

thnx

Replies (5)

Quick Summary

This discussion addresses a notice received for failing to file an Income Tax Return (ITR) in 2015. The user sold a property, incurring capital gains, and purchased another property in joint ownership for exemption. They are seeking clarification on whether they can claim full or half capital gains exemption and if the non-filing of the ITR will invalidate their exemption claim. The user also inquired about potential penalties for non-filing and received advice to reply to the Section 148A notice to avoid penalties and have their capital gains considered.