Questions regarding income tax

Tax queries 670 views 7 replies

Sushant Vaidya

26 Points Posted on 06 April 2014

I have 3 questions about income tax:-

I sold my house property on 29th May 2012 for a certain amount. I invested whole amount under Capital Gains Account Scheme 1988 (CGSA). I showed both the transactions in the income tax return filed for FY 2012-13. Now I have purchased a new house property in July 2013 for which I have closed the CGSA account and have issued the cheque in favour of the previous owner of the purchased property. Do I need to show this transaction in income tax return for FY 2013-14? Under which sections? If it is the only thing to show in my return, do I have to file a return?
I have purchased a television on EMI basis which is considered on loan basis. Do I get any benefits of this loan in income tax? Under which sections?
How long do we have to keep the old bank records for income tax purpose?

Replies (7)

Income Tax Wala: (Fin. Expert)

Chartered Accountants

2015 Points Posted on 07 April 2014

Dear Sushant Vaidya,

1. no need to show the same transaction again in ITR.

2. if you have purchased TV for business than you will get benefit of depriciation u/s 32 and interest paid on loan u/s 37. BUT if you have purchased TV for your personal use then there is no benefit available to you, it is just drawing in lator case.

3. old bank record have to maintain for at least 8 year

Sushant Vaidya

26 Points Posted on 07 April 2014

Thanks Sir... So according to your answer, i dont need to file income tax return this year... am i right?

Arpit Pachisia

734 Points Posted on 07 April 2014

In my opinion, you had to file nil return.

As you had closed the CGSA account, so you had to intimate the same to ito while filing the nil return.

Thank You

Sushant Vaidya

26 Points Posted on 07 April 2014

ok but then may i know under which section?

Income Tax Wala: (Fin. Expert)

Chartered Accountants

2015 Points Posted on 07 April 2014

THERE IS NO PARTICULAR SECTION AND ALSO THERE IS NO WRITE UP FOR SUCH PRACTICUAL PROBLEM IN TAX BOOKS

THIS IS ALL THROUGH PRACTICAL EXPERIENCE

BUT ON THE SAFER SIDE FILE A TAX RETURN EVEN WITHOUT TAX LIABILITY

Arpit Pachisia

734 Points Posted on 07 April 2014

You can e-file return u/s 139 (Voluntary basis)

Please note, Nil Income paper return will not be accepted by the department. However, law doesn't prohibit Nil returns. So you can e file the nil return which will be accepted by the department.

Thanking You