Capital gain tax default

If your spouse sells house to clear debits and could not pay capital gains due to lack of funds,can the department penalise her spouse
Asked 1 year ago in Capital Gains Tax from Hyderabad, Telangana
yes.
Shyam Sunder Modani
CA, Hyderabad
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Dear Sir,

In case a person benefits from Capital Gain and does not pay the due taxes then the Department can penalise the assessee.

Trust this clarifies your query. 

Please feel free to call/ get back in case of any further clarifications. 

Thanking You. 

Regards,
Rohit R Sharma
BCOM, ACA, LLB-GEN, CERT. FAFP
Rohit R Sharma
CA, Mumbai
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Dear Sir,

No the Department will not proceed against the spouse, but they have the power to proceed if the spouse has any way benefited from the other spouse, then they are liable to the extent of Benefit.

eg. I A goes bankrupt and any time before bankruptcy transfers Rs.10,000/- to B, Then B shall be help liable upto the extent of Rs.10,000/-.

Trust this clarifies your query. 

Please feel free to call/ get back in case of any further clarifications. 

Thanking You. 

Regards,
Rohit R Sharma
BCOM, ACA, LLB-GEN, CERT. FAFP
Rohit R Sharma
CA, Mumbai
1272 Answers
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1. Yes, If your spouse sells house to clear debits and could not pay capital gains due to lack of funds, department is likely to penalise your spouse.

2. No, the department will not proceed against spouse for recovery, untill or unless they believe that the money has been transferred from you to your spouse before the bankruptcy.

Please feel free to revert in case of any doubts.

Thanks and Regards,
CA Abhishek Dugar
caabhishekdugar@gmail.com
Abhishek Dugar
CA, Mumbai
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Till eight years. 
Abhishek Dugar
CA, Mumbai
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Sir the Income tax can issue notice upto 6 years from the end of the Assessment year.
Shyam Sunder Modani
CA, Hyderabad
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