Hi Sir,
My father is 67 years old. in 2014-15 he sold his ancestral property and deposited rupees 10,00,000 in a savings bank account. Recenl;y a letter has come from income tax department to file the compliance. i logged into the portal and reached upto e-sahyog.
But I am confused about the below which link I should click in my case to get it done. Please see and help me in this regard.
• Self & Investment/ expenditure is out of exempt income
• Self & Investment/ expenditure is out of accumulated savings
• Self & Investment/ expenditure is out of gifts/ loans from others
• Self & Investment/ expenditure is out of foreign income
• Self & Income from transaction is exempt
• Self & Income from transaction is below taxable limit
• Self & Income from transaction relate to different Assessment Year
waiting for your valuable reply,
Regards,
Nishal
4 Answers
Dear Nishal,
Has he paid taxes on Capital Gains (if any)?? Was the transaction (gains) below taxable limit?
Suggested readings :
https://www.relakhs.com/how-to-save-capital-gains-tax-on-sale-of-land-house-property/
https://www.relakhs.com/ancestral-property-legal-rules/
hi sir,
Thanks for your answer. but i really like to know whihc option i should click in this case. as for you have asked. my father didnt file ITR yet. his age is 67. for the amount he deposited in bank he already bought another one property. now he doesnt have that amount in bank.
waiting for your reply.
Nishal
Dear Nishal,
If there are capital gains on sale of property and if the gains are above basic exemption limit, your father should have filed Income tax return and paid taxes on capital gains.
So, suggest you to kindly consult a Chartered Accountant, and get the total capital gains and taxes calculated. If he has to pay any taxes then he can file belated tax return, in response to this notice.
Please login or Register to submit your answer
Hi Sreekanth,
I got an email from IT Dept stating:
“Income as per Form 26AS which has not been included in computing the total income in the return-143(1)(a)(vi)”
I logged into IT Dept site and viewed Form 26AS, there i could see that
1. tax is paid by my company for my salary
2. tax is paid by my bank for my investments
Actually, While filing IT returns i had only mentioned about my salary.
Now, if i try to re-file by adding the bank investment amount as other source income along with my salary, with this it shows the tax from the bank.
But, it still displays that i need to pay additional tax.
This could be because bank has deducted 10% tax on my investment (Form 26AS), but now when i try to add the investment amount to the IT returns, it computes 30% tax, since i come under 30% tax bracket
Should i pay the additional tax amount?
Thanks, Pradeep.
Hi Pradeep,
I am assuming this is for AY 2017-18.
Yes, if there are additional taxes to be paid. You can revise/rectify your ITR, pay dues and close this.
Suggest you to kindly consult a CA in this regard.