Non filing of income return - Reg

There are few issue involved here

1. Considering the capital gain in this case , it is not clear whether there was long term capital gain or short term .

2. The liability to deduct TDS under section 194IA became effective from 01/06/2013 . In this case the transaction has taken place within FY 12-13 , so not sure how the TDS was deducted and that too under 194C

3. The liability to deduct the TDS was when the payment was more tahn 50 lacs , in this case the payment was for 16 lacs only , so the TDS issue should not be there .

Any way , since the cost of acquisition is not there , it is difficult to calculate the capital gain .

In the present case as per your version the Property was not registered and not transferred the possession. It is only an advance you received. The amount is not taxable. Thus you can file your return showing your other sources and claim refund.

Kindly compute capital gains from the sale of property and examine whether there is any tax liability or not and then file your return of Income. If capital gains tax are taxable then pay your taxes and interest and co operate with income tax department then Penalty is discretion of the officer.

Capital gains are taxable under section 45 of Income Tax Act.

You need to compute capital gains on the sale of your property. If there is tax liability, you ought to have filed the return. As there is TDS of Rs. 16,000/-, it should probably be sufficient,if the asset sold was acquired long back and you could avail the benefit of indexation.

You need to first ascertain your tax situation by taking the help of CA by providing the details of purchase of property sold and the sale deeds.