A very Interesting Query
This query is : Resolved
05 August 2009
Hi All,
An agriculture land has been purchased and registered in the name of the person who ins no where connected with a pvt ltd co
Eg :-
A pvt Ltd has made payment for purchase of agriculture land to the broker, who has made the payment to the farmers.
now the land should be registed in the name of A pvt Ltd co. instead it is registered in the name of the person who is no where related with the co. i.e. he is niether a share holder nor have interest in the co.
Therefore what should be the treted given in the books of A pvt Ltd
Also the person in whose name the land is regsisted have filed thier return
Suggest the answer
Regards
Hitesh Khona
An agriculture land has been purchased and registered in the name of the person who ins no where connected with a pvt ltd co
Eg :-
A pvt Ltd has made payment for purchase of agriculture land to the broker, who has made the payment to the farmers.
now the land should be registed in the name of A pvt Ltd co. instead it is registered in the name of the person who is no where related with the co. i.e. he is niether a share holder nor have interest in the co.
Therefore what should be the treted given in the books of A pvt Ltd
Also the person in whose name the land is regsisted have filed thier return
Suggest the answer
Regards
Hitesh Khona
06 August 2009
The query is realy interesting one.
The person who has filed his return of income might have not shown the land in his personal balance sheet.
Evenif he has shown land then he must have shown the source of acquiring the said land.
Until the land is brought in the books of company, the company may show the amount as- Advance against Land Purchase.
Corrective action may be initiated in consultation with a good advocate.
INTERESTING QUERY'S INTERSTING ANSWER-
The advocate and the person(registered holder of the land) must be kept under strict watch.
The person who has filed his return of income might have not shown the land in his personal balance sheet.
Evenif he has shown land then he must have shown the source of acquiring the said land.
Until the land is brought in the books of company, the company may show the amount as- Advance against Land Purchase.
Corrective action may be initiated in consultation with a good advocate.
INTERESTING QUERY'S INTERSTING ANSWER-
The advocate and the person(registered holder of the land) must be kept under strict watch.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Claiming exemption of perquisite for employee-owned car under New Tax Regime in ITR-2
- Pass word to open justification report for Q1 for FY 2026-27
- PPF interest-As Exempt Income disclosure
- Under construction property in ITR
- Gift of mutual fund units to daughter
- Building tax payment deduction in rental Income
- Reporting of STCG on Property in ITR
- Not able to file ITR
- Upload Level ValidationITR3Category of Defect B/D
- Which ITR To be filed by dentist
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
