04 August 2016
Land was acquired by the declarant in the year 2005 for Rs. 51,000/- (fair market value as on 01.06.2016 is Rs. 6,72,750/-) from undisclosed income and was never disclosed in return of income. Subsequently in the year 2014, the said land was sold for Rs. 4,60,000/- and the sale consideration was utilized to purchase Building for Rs. 16,50,000/- in the year 2014 in the name of minor son (fair market value as on 01.06.2016 is Rs. 22,01,500/-) and was never disclosed in return of income by the declarant. What shall be offered to tax for the purposes of the Scheme?
04 August 2016
Building in the name of minor son, fair market value as on 01/06/2016 for Rs. 22,01,500 has to be offered for the purpose of the scheme.
04 August 2016
Land sale value is part of the building value hence no need for further disclosure. Further you have to disclose only the undisclosed assets held as on 01/06/2016.
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