One of the it person purchase of apartment value rs:15 lacs in f.y.2013-14.this property sales value rs:31 lacs in f.y.19-20.but a person sales of apartment value not reported in it returns (missing) in f.y.19-20.
Question:
1.missing property value show in f.y.20-21 accepted
2.capital gain tax applicable.
The year in which you have earned the income i.e. f.y. 19-20, is the year in which you have to pay the tax. It is possible for you to show this sale via return filed in response to the notice which may be issued to you for the relevant year. At that time you may pay the tax along with interest.
Capital gains tax is 20% after benefit of indexation on such transactions.
Hope it helps.