Tax on sale of Flat recvd after Builder Collaboration

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  1. Arbind Prasad

    Arbind Prasad New Member

    Sir,
    My father was having a piece of land, purchased by him in the yr 1975. In the yr 2005 I entered into an agreement with a builder to construct an apartment over the said land. As per the agreement, builder constructed six flats and gave two flats to me in May,2007. On November, 2010 I sold one of the flat at a consideration amount of Rs 1525000.00. Recently I have received a letter from I.Tax department regarding none filling of the return. Suggest me what should I do now.
     
  2. Parul_Gupta

    Parul_Gupta Active Member

    You would have earned Capital Gains on sale of Flat which were required to be disclosed in your Income Tax Return.

    I hope such gains were properly disclosed in your Return?
     
  3. Arbind Prasad

    Arbind Prasad New Member

    Madam,
    For the financial year 2010-11 (AY 2011-12) I did not filled any return as my income in the said year was below Rs 5 lac.
     
  4. Parul_Gupta

    Parul_Gupta Active Member

    For Financial Year 2010-11 (i.e. AY 2011-12) the income tax exemption limit was Rs. 1.6 Lakhs

    Every person whose income was more than Rs. 1.6 Lakhs in FY 2010-11 was required to pay income tax and file income tax return for the same.
     
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