AMIT (CA STUDENTS) (412 Points)
28 December 2016Respected 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
MANOJ A
(Passion)
(52 Points)
Replied 28 December 2016
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.
ankita gandhi
(student)
(5908 Points)
Replied 28 December 2016
CAclubindia
