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Yogi Zone

Useful articles for your finance management by our team of experts

tax liability for the financial year

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Question:

Dear Sir, Your kind advise is sought on the following issue. " I had a BDA site and sold it to purchase an apartment during March-April 2012. Is it necessary to file IT returns and if yes, how?

Answer:

It is necessary to file your tax return if you have a tax liability for the financial year and/or are expecting a refund among other things.

 

Even if you do not have any capital gains tax payable, you need to mention the details of the transaction and exemption availed in ITR-2. For FY 2012-13, you can e-file your ITR-2 from May 2013 to July 31st, 2013.

 

 

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