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Transfer of a capital asset other than house propery

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ANKUSH GOYAL

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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Replies (4)

Guest

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

CA PuRvI M!$rA

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.