Dear distinguished members,
I am selling a plot of land that I've had with me for 5 years, and buying a house using the proceeds within a span of 3-4 months.
As the capital gain of plot sale is long term & non-taxable, I do not intend to show the property transaction in my income tax file. In case I am subject to IT scrutiny lateron, anyway I wouldn't have to pay any penalty as there wasn't any tax evasion in the first place. Is my understanding about not getting taxed upon scrutiny, correct ?