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 ?
Thanks.
Dear Rajat,
If you are liable to file return then you will have to show the details of capital gains in the return. If you leave those columns blank then the Dept may take the view that the same was deliberatly done. That action would attract penaly u/s 271(1)(c).
siva208@yahoo.com
Total likes : 1 times
Total likes : 1 times
Sir, your perfect response, is most appreciated and thanks a lot for it.
Best regards.