Capital Gain Tax not deposited on Sale of Property by NRI

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  1. Tricia

    Tricia New Member

    Hi

    My name is Roland, I purchased a flat in Jan 2003 and sold it in Dec 2006. I am an NRI and live with my wife and son abroad. I have not filed my return when I sold my flat.

    Purchase Cost = Rs 16,76,975/-

    Sale of the Flat= Rs 40,60,000

    I am getting now notice from the IT Department mentioning that you need to pay tax on the Capital Gain of Rs 9,58,215/- or show investment

    Can any one please help as to tell me what proofs can I show as Investment and does it need to be invested in a particular year etc. I have money invested in Post Office, LIC but all have dates of 2010 onwards

    If I dont have the proof how much tax I would need to pay as penalty

    Regards,

    Roland
     
  2. gaurav_kumar

    gaurav_kumar Well-Known Member

    You are liable to pay Tax on Capital Gains arising on sale of property.

    The Capital Gains can be exempted if amount is reinvested in Residential Property/ Bonds under Section 54/ Section 54EC/ Section 54F

    However, the reinvestment is required to be done in a maximum of 3 years.

    As you have not done the sale - you are now liable to pay tax to the govt on the capital gains arising from the sale of property. 20% Tax would be levied on Rs. 9,58,215

    There is no other solution to this
     
  3. king999maker

    king999maker Active Member

     
  4. king999maker

    king999maker Active Member

    your tax will be upto 5 lakhs ,u call me i will guide u +919550991352
     
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