My father is a doctor and he had invested in shares over a period of2 years in 2013-2015 (50 lacs) with his tax paid salary income .He had filled tax returns in those years but not disclosed his investment in shares in tax returns as his auditor told him not necessary to disclose because its an investment.Now my father wants to sell those share in April as he is in profits and no longterm capital gains and he wants to repay the housing loan (70 lacs) taken by mother under HUF category .Now he is having doubt whether his investment in shares comes under undisclosed income or PMGKY compliant and worrying . He is loosing peace of mind please clarify this doubt and what to do if he sells his investments in April .when should he has to show his selling in investments.What kind of tax returns he has to file and when if he sells in April.Will there be any problem.He was a government professor in medical college retired and now working part time in a private medical college for a monthly salary of rs50000/-and his pension is rs50000/- per month.
Asked 2 years ago in Income Tax from Hyderabad, Telangana
Does he have to file revised returns or regular returns showing the sale in investment in 2017-2018 .please guide us
Asked 2 years ago