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Jyoti Narang (Kkk)     13 February 2020

Jyoti Narang
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if a person has property purchased in 11-12 and not disclosed in return for that period and got the notice for the same now. then what can be the consequences or reply to the dept for that.

Anonymous (student)     13 February 2020

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Can u tell me the propert value

avater

Jyoti Narang (Kkk)     13 February 2020

Jyoti Narang
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It's approx 55lacs

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rama krishnan   14 February 2020

rama krishnan

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You might have got 148 notice.. so better file your return of income and explain the sources for the purchase amount

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Jyoti Narang (Kkk)     14 February 2020

Jyoti Narang
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Thn what are the consequences as return filled but sources not disclosed at that time

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rama krishnan   14 February 2020

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Then you have to pay tax on the amount for which you can't explain sources

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Jyoti Narang (Kkk)     14 February 2020

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In if the sources explained as per Bank statement then no tax on that amt and on remaining Amt at 60/ or anything else

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rama krishnan   14 February 2020

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The rate of tax will be slab rate existed for a. y. 2012-13 and not 60% or 30%

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Jyoti Narang (Kkk)     14 February 2020

Jyoti Narang
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It's not a part of unexplained income so chargeable to 60 per? and any penalty or proceedings regarding unexplained income.

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rama krishnan   14 February 2020

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60% tax rate is under 115BBE and it was introduced from a. y. 2017-18. minimum penalty of 100% or maximum penalty of 300% may be levied

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