If you filled your ITR on time then its advisable to file revised ITR , u have to disclose all your bank accounts in ITR even if any account close during the year
sir i have sold some family gold this year and not filed in I.T returns ,do i have to file revised returns showing capital gains on sale of gold or ignore it for now and file them in my next I.T returns .if i file them in next returns will there be any penalities.which is better ,please suggest,do i have to file revise returns or to file in next year returns.and also do i have to file all my savings accounts in I.T returns
If you filled your ITR on time then its advisable to file revised ITR , u have to disclose all your bank accounts in ITR even if any account close during the year
do I have to prepare a balance sheet of my assets and liabilties and file in I.T returns.when should any one file balance sheet
Hi,
you need to revise the return of the Financial year in which the gold had been sold.
you need to calculate the long term capital gain if the gold is held for more than 36 months, by the method given below:
Full value of consideration (Actual Recvd) xxx
Less:Indexed Cost of Acuistion (xxx)
(Cost of acquisition x Cost Inflation Index (Yr ofsale) /Cost inflation Index FY)
Less: Indexed Costof improvement if any (xxx)
(cal as above ,but instead of year of sale take yearof improvement)
=Long Term Capital Gain (Taxable ).
you can show this capital gain in next year IT return.
Yes , while filing return you are required to disclose all bank accounts details. and all income (even exempt income)
Asset and Liability ,Schedule AL ,in ITRs is applicable in cases where the total income exceeds Rs 50 lakhs.
It is always better to pay tax on the sale of Gold in particular year with interest and file revised return. If you can not file revise return in current date than it is advisable to keep data with you so at later date at any scrutiny there remains no default at your part
Hi,
It is advisable to revise the Returns by calculating Capital Gain Tax on Gold sold subject to Exemptions.
You have to mention all your Savings Bank Account Numbers and declare Interest earned on the same subject to Deduction u/s 80TTA upto ? 10,000.
You have to prepare Balance Sheet and P&L Account only if you have income from Business/Profession. Otherwise, all Assets and Liabilities have to be disclosed in Schedule AL if the Taxable Income exceeds Rs. 50 Lakhs
If you have sold the gold "this year", i.e., the financial year 2016-17, the return is for the assessment year 2017-18 and it is due for filing only in July 2017.
If you meant "this year" as the financial year 2015-16 and the return for the assessment year 2016-17 is already filed, you can file a revised return, if your return is not yet processed.
Only if you are having business income, you need to file balance sheet details. Further, if your returned income is more than Rs 25 Lakhs also, you need to file the details of all your assets and liabilities.
When did you sell the gold? If it is sold prior to 31March 2016, you should have shown this in your return of income.
If it is sold after 31 March 2016, then you have to show it in upcoming return for this year.
Please feel free to revert in case of any doubts
Thanks and Regards
Abhishek Dugar
CA CS B.Com
It is advisable to show the same in the year of sale only as taxability arises in the same year. No need to file Balance Sheet
Hello Sir,
It will be preferred if you revise your Income Tax returns and show then in the year of sale itself.
Trust this clarifies your query.
Feel free to call / get back in case of further clarifications.
Thanking You.
Regards,
Rohit R Sharma
BCOM, ACA, LLB-GEN, CERT. FAFP
Hello Sir,
Balance sheet is to be filed only if you are into business and file ITR-4. If ITR -2 was filed then Balance Sheet is not required.
Trust this clarifies your query.
Feel free to call / get back in case of further clarifications.
Thanking You.
Regards,
Rohit R Sharma
BCOM, ACA, LLB-GEN, CERT. FAFP