Urgentaly help capital gain

Others 205 views 2 replies

Respected CACLUB Members,

I have filled my last return but forgot to consider capital gain which arise from sale of land ( capital gain not much ) can it is possible to given capital gain information in my current year IT Return. if i shown capital gain in current IT Return can there any problem arise. please give me information

 

                                                                                                                                        Thanks you

 

 

Replies (2)

Hi Amit ,

Capital gain is taxed in the  year in which the Transfer of capital asset took place. But not in the subsequent year .

for Ex : sale of land took place in previous year 2015-16 then it is taxed in same Previous year (i.e Assesment year 2016-17)

If u forgotten to include the details u can go for revised return.

You can revise your last return.
If sale procceds are received in bank, and even transfer deed is registered then u have to surely revise return.
Else if there is no such deed or any registration formalities and even no bank transaction then u can show it in this year


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