Query related to capital gain

You will need to revise your return for the A.Y. relevant to teh P.Y. in whihc the asset was being sold & CG invested.  You were required to show the CG calculations in that A.Y. only.  Now you cant show this.

In the instant case, Revised return is now Time Barred.....so no remedy left...

If you have sold your property in anytime in 2010 after Mar10, then the asset year would be 11-12.  Revised return can be filed before the expiry of one year from the end of relevant A.Y. as per section 139(5)  For the A.Y. 11-12 one year would expire on Mar13,  So I think return could be revised.

Dear Piyush,

Your time limit for revised return has been expired. Now you need not do anything and at the same time you need not worry. As you have not evaded tax. You just forgot to disclose the fact to income tax department. In case if any inquiry is undertaken by income tax department than you can disclose this at that time. No penalty or interet will be levied on you by the Income Tax Department.