Property purchased but not shown in return and now sold



A Property Purchased in FY 2009-10 by an Audit Assesse in cash @ 3.5 lac and neither shown in ITR nor in audit report.now in FY 2017-18 it is sold @ 10.5 lac by Bank Cheque. now how much tax the assesse needs to pay and how to show it in books of accounts. and also what to do if scrutiny occurs. 

 
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If The audit assessee is an individual and the property is self occupied then calculate long term capital gain and pay taxes @ 20%+education cess @ 3%

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The transaction of sale of property, which was purchased in FY 2009-10, must be disclosed in the return for AY 2018-19 and tax be paid on long term capital gain if so warranted. Since time for issuing notice u/s 148 to tax undisclosed investment of rupees 3.5 lac has elapsed by now, Income-tax department cannot take any action regarding the investment not disclosed in the return for AY 2010-11. This is my view.
 
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That means we have to pay tax only on capital gain and not on full sale amount of 10 lac
 
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Yes the tax will be paid on capital gain
 
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