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FAQ: What is the case of filing I-T returns? - Property Hotline
Posted
June 9, 2016
Views
110
June 9, 2016
110
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4:01Now PlayingBe Un Confused
Expert: Pannkaj Ghadiali, Managing partner, PC Ghadiali & Company
Q: My father is a senior citizen. He doesn't have any income since 2004. He recently sold a flat in Kolkata for Rs. 21 lakh (Market value is Rs. 45 lakh). He is not filing I-T returns since he doesn't have an income. He plans to buy a new house within 2-3 months. Does he need to file I-T returns? He plans to use the capital gains to buy the next home
Answer: Yes. Your father is required to file return of income. Even assuming that capital gains will not be taxable because of reinvestment, he needs to file the return of income to bring it on record. Normally anybody undertaking purchase or sale of property is sent a notice by the income tax department if they have not filed a return. If you have sold the flat for 21 lakhs whereas the market value presumably as per ready reckoner is 42 lakhs. The capital gains will therefore be computed on 42 lakhs as per section 50C of the Income Tax Act.
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