Dear Experts,
We had some old property in bangalore and it has been sold in this year for about 3 Crores.
Since the total Income of mine is more than 3 Crores in this year, whether my accounts has to be audited by CA, or myself can file the IT return with the capital gains payment.
Kindly explain me.
If it is your personal property...... treated as capital asset........ whereby capital gains will arise after indexation (for holding period 2 or more than 2 years) ......... so, no need of audit w.r.t. this particular transaction.
Dear Sir,
Thank you so much for your reply. Your advice is helped me a lot.
M N Rao & Associates LLP
Vijayawada
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New Delhi
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ADY & CO.
New Delhi
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