Long term

Hi

June 16? I assume you had deposited the amount in capital gain deposit account and now want to withdraw the same without any reinvestment. In that case, your 3 year time limit expires in June 19. So the capital gains shall be taxable in FY 19-20. You need to pay the capital gain tax in June itself as advance tax.

Dear Sir,

Hope you are doing well !!

You need to pay the advance taxes in June, 2019 for FY 2019-20. (Assuming you have deposit the capital gain amount for 3 years in capital gain deposit account)

The capital gains were taxable in the FY 16-17 only. Had you filed ITR for the FY 16-17? If yes, had you shown such capital gains in your ITR?

A suitable course of action would be to revise the return and pay the taxes provided it was filed before due date.

We may assist you with the above.

Dear Sir,

If you have already filed return in FY 2016-17 before due date then it can be revised.

You can revise the return and paid the taxes on the same.

No, returns cannot be filed now as the time limits have expired. I wonder how you haven't received any notice from the income tax department regarding this.

One option to proceed could be declaring such undisclosed income in current year's return or by filling return of FY 17-18. I hope the sources of acquiring such property were genuine and you have valid proofs for the same.

First of all you should have filed ITR by July 2017.

Now you can't file ITR for 2017 and can't pay tax on same.

You can now pay tax on it only when the income tax department sends you notice of same.

Now whenever you receive the notice you will have to pay income tax along with interest and penalty.

We can avoid some interest by paying the tax but you won't be able to file return now.

Also there are chances that income tax might have sent you notices but you have misplaced it?

What's the registered value of your property since you are saying you have received some amount in cash.

I have surprised why have you not received any notice till now as you have undertaken a huge transaction and not filed any income tax return.

Hope you find the information helpful if you do please rate it 5 and provide your valuable feedback for my improvement.

Thank you

Thanks sir for your kind words you have not mentioned your email id otherwise I would have mailed you personally but sir I would surely love to know what piece of my suggestion made you feel that I am not giving you serious advice and I would also love to know what better advice you have received so that I can improve.

Thank you

No, you can not file return for FY 2016-17.

March 31, 2018 was the deadline to file income tax returns (ITR) for the financial year 2015-16 and 2016-17. In case you haven't filed your ITR for FYs 2015-16 and 2016-17, you cannot file a belated return anymore. 

Now, you can declare the same in current year return.

Hi

It is to be declared in FY 16-17 itself,Now return for the same cannot be filled. 

Sec 194 IA of the Income Tax Act, 1961, states that, beginning from June 1, 2013, tax at 1% shall be deducted by the buyer while making the payment for the property.

You may check in your form 26AS,whether any tds is deducted by buyer or not.

If no TDS id deducted,it is recommend to pay tax along with penalty and interest in current year. 

Hope it helps.

Hi,

- As the sale value of the property was Rs.1.50 cr so TDS @1% i.e. Rs.1,50,000 was deducted by the buyer on your PAN. Please check your Form 26AS for the A.Y. 207-18 i.e. F.Y. 2016-17.  

- You need to wait for the notice u/s 148 or 144. In that scenario, you need to pay tax along with interest.

- If the cash amount received is more than Rs.2 lacs there is penalty of equivalent amount u/s 269ST.

Thanks