Long Term Capital Gain Non Disclosure Consequnce

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  1. A. King

    A. King New Member

    Friends,

    I forgot to include Long Term Capital Gains (LTCG) from sale of shares during FY 13-14 while filing the income tax return. LTCG are exempt from any taxes.

    What are the consequnces of this ommission?

    If ITO selects the case for scrutiny, do they accept this as "human error" ?
    Does ITO penalise for "non-disclosure"? What are the penalties?

    Thanks,

    AK
     
  2. VAIBHAV DILIP RANE

    VAIBHAV DILIP RANE Active Member

    @

    ITO don't accept such human error as, "Law can't be Excuse"

    But since LTCG from sale of Equity Shares is Exempt, he may not consider it on a serious note even if case is selected for Scrutiny.

    But in future keep in mind if any Exempt Income is above Rs. 5,000 /- than disclosure of same is compulsory in ITR-2 or ITR-4 as applicable to you.
     
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