Transfer of a capital asset other than house propery

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ARTICLE ASSISTANT
21 Points Posted on 17 March 2017

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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On 17 March 2017 at 23:04 Report
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Posted on 17 March 2017

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 

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On 17 March 2017 at 23:21
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1931 Points Posted on 17 March 2017
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.
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On 17 March 2017 at 23:38
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1931 Points Posted on 17 March 2017
And remember last date is 31.03.2017 for filing the return for FY 2014-15.
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On 17 March 2017 at 23:40
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Posted on 17 March 2017

also disclose investens not shown in books of accounts and sell it 

  pay tax as per require 

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On 17 March 2017 at 23:48

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