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Regarding house property

Janaki (Account Assistant) (93 Points)

03 October 2013

Hi..

One of my clients has 2 houses and he had not shown one house in the AY 2012-13. he had not filed the reurns also for that AY (2012-13)

He wants to show the house property now and then file the returns. Is it possible to show it now and file the returns?

plz suggest me...

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5 Replies

Prashant Kini (Article Assistant) (154 Points)
Replied 03 October 2013

Return of Income for AY 2012-13 can be filed up to 31.03.2014. But AO may levy a penalty of Rs.5000 for the delay in filing of the return

@VaibhavJ (Believe!! Live your dreams!) (33511 Points)
Replied 03 October 2013

Yes he can file return..

CA Pallav Singhania (❤ Work Hard Party Harder ❤) (32322 Points)
Replied 03 October 2013

He can file his return of Income up to 31.3.2014..

However, He can't claim any loss arising there in..

AO may impose penalty of Rs. 5000...

Ramanuj (Accountant.) (834 Points)
Replied 04 October 2013

You can file return up to 31.3.2014. for A.Y. 2012-13 but not shown in loss & have any tax liability , paid with interest.

Thanks

Dintakurthi Tirumala (CA FINAL) (15989 Points)
Replied 04 October 2013

Yes, you can file return of income for A.Y 2012-13 upto 31-3-2014. As well if he has any self assessment tax payment liability then he required to pay interest u/s 234A,B and C if applicable.

But AO has a right to levy penalty of Rs.5,000/- for delay of return of income by more than one year from the end of the financial year. But at the time of filing of return of income you need not to pay any penalty if it is insisted by AO then you required to pay, because of it depending on the willing of the AO and you couldn't show penalty paid amount and details in return of income.

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