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Transfer of a capital asset other than house propery

Tax queries 197 views 4 replies

ANKUSH GOYAL

ARTICLE ASSISTANT

23 Points Joined August 2011

My client has Sold a shop for Rs 1750000 and deposited the cash amount in bank. But papers are available only for Rs 300000. Not filed the ITR even. Invested the sale proceeds in purchasing a land!!Received a income tax notice attached herewith. How to deal with it?? Please guide!! Its urgent!! I shall be thankful to you!!

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Replies (4)

Guest

if shop (which is sold ) is not shown in earlier balance sheet then it is also

treate as undisclose investment and add to your income

Huge cash is depisit for which u have to expain the source of income

pay tax whatever applicable

CA PuRvI M!$rA

2260 Points Joined November 2009

Calculate the capital gain tax and file the return properly for that year and if ur client has invested the sale proceeds in othe assets than exemption u/s 54 F can be claimed but first collect the facts from the client.