TAX ON SALE OF PROPERTY

[pradeep kumar l]

Sir, In AY 2015-16, I have paid income tax for the receipt of share of amount against sale of property. Part of the amount was credited in my Bank account only in 2016-17 (in April 2015). Now in my ITR for AY 2016-17, there is a query for the amount credited in the bank account. Shall I reply that this is the amount received as against the transaction shown in my ITR for AY 2015-16 and tax has been paid for that transaction?

[DR.MARIAPPAN GOVINDARAJAN]

Yes. You may reply with documentary evidences and calculations for the year in which you have paid tax in full.

AI Summary

Respond to ITR query for AY 2016-17 with evidence showing tax paid on April 2015 credit in AY 2015-16. A user inquired about addressing a query in their Income Tax Return (ITR) for Assessment Year (AY) 2016-17 regarding an amount credited to their bank account in April 2015. They had already paid tax on this amount for AY 2015-16. The respondent advised that the user should reply to the query with documentary evidence and calculations demonstrating that the tax was fully paid in the year the transaction was initially reported.