Filing of ITR

Querist : Anonymous (Querist) 22 March 2010 This query is : Resolved
I am a housewife and a non taxpayer. This Fy I have sold a residential plot which I had purchased 5 yrs ago.I will be seeking full Capital Gains tax exemption under Section 54F and 54EC by buying a residential flat and NHAI bonds from the entire 'Net Consideration'.My query is, since my ITR will be reflecting income and gains as nil or zero at all places, so it is mandatory / obligatory in my case to file a IT return.Please advise.

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Kumar Thadhani (Expert) 22 March 2010
Yes Madam you will file ITR EVEN THOUGH IT REFLECT ZERO INCOME.

Raj Kumar Makkad (Expert) 22 March 2010
IT return is mandatory for the legality of both transactions.

soumitra basu (Expert) 22 March 2010
Since the Total Income shall be NIL, you need not file any Income Tax Return in ITR Form.

Vineet (Expert) 22 March 2010
It is not mandatory for you to file return of income as your total income shall be nil. However, the department may call for your return at a later date considering the sale and purchase transaction being reported through AIR's and no corresponding return on record.

So I would suggest you file a Nil return electronically so that the sale purchase data is reported by you and available in system to avoid any mismatch and subsequent action.

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