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Reg. belated tax filing

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Ravi M

21 Points Posted on 13 November 2014

I am salaried person.

During Oct 2013 I have sold my flat, and used to proceeds to buy bought another flat during Feb 2014.

I did not file income tax on July 31 due to travel and want to file now.

I would like to understand the implication on capital gain I have to pay. Some people are saying I need to pay tax on the proceeds as I did not file returns on July 31.

Please advise.

Thanks.

Replies (2)

Anubhav

Chartered Accountant

423 Points Posted on 13 November 2014

Hi,

Law says that you need to invest the proceeds of long term capital gain into house property within a specified time.

It also says that if any amount is not invested then that needs to be deposited into a specified account before the due date of filing the return.

Hence it looks that you will get deduction. But rest depends upon the facts of the case.

For any further query PM or mail us.

anubhavjain @ ajhco.in

info @ ajhco.in

Swami Ayyappa Nuli

TAX ADVISOR & CONSULTANT AT G.S.T SUVIDH

997 Points Posted on 13 November 2014

Agreed with Mr.Anubhav. You need to Invest amount of capital gain before filing of return to claim exemption u/s.54 and law does not says any where that such filing should not be a belated return.