I sold a property two years back after keeping it for 5 years having no Capital Gain profit for which I claimed Tax benefits on Housing Loan. I did not the sale in my return that year. What to do ?
I did not show the Sale transaction in my Return that year ( FY: 2011-12) considering Capital Loss on the property. No summary assessment received. My return also not closed yet due to some errors arrise and considered as defective which has been re-filed just few days back.
Why don't you revise your return
| Originally posted by : Ankit Singla | ||
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Why don't you revise your return |
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Thanks for the reply. Till what date I can file a revised ITR for FY: 2011-12 for showing the sale of property though my ITR for FY: 2011-12 is yet to be closed as I had to re-file it as Defective due to some errors in claiming losses from Future Trading. Should I wait till the re-filed ITR as defective is accepted? Pls note again, I had loss on the sale of my property. If this ITR is not finalised before closind date of filing of current year ITR i.e. FY: 2012-13, can I revise my FY:2011-12 ITR after closing of FY: 2012-13 ITR?
You can file revise return u/s 139(5) before 31st March 2014 or completion of assessment whichever is earlier for F/Y 2011-12 but this is only if you have filed original return u/s 139(1) i.e. before its due date 31st July 2012.
where in ITR 2 should I file LTCG due to sale of property? 112(1) with provision or without provision?
Gupta Sachdeva & Co. Chartered Accountants
New Delhi
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