IF FIXED ASSET DOCUMENTS DONE LOW RATE THAN "JANTRI" WHAT EFFECT IN FUTURE ?
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(160332 Points)
Replied 23 February 2017
Immediate effect: the differencial amount is added to taxable income under head IFOS, and pay tax with interest.
Future effect: while selling the asset, the lower paid amount is considered for calculation of capital gains, and hence pay more capital gains tax.
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