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Account treatment of undisclosed property

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Querist : Anonymous

Querist : Anonymous (Querist)

13 May 2012 Can a Property (purchased 5 years ago & not shown in assesse's account books) be entered in accounts books after 5 years of purchase date????

Sanjay Chauhan (IFRS)

Sanjay Chauhan (IFRS) (Expert)

15 May 2012 Was it acquired free of cost?

What is the second leg of transaction. If it was gift, the record it now at depreciated value giving the net impact in reserves.

If it was not a gift then you may have to find the second link and rectify accounts accordingly.

Querist : Anonymous

Querist : Anonymous (Querist)

23 May 2012 such aaset is non depreciable residential property & was purchased five years ago .i.e. 2005, but the assesse had filed a IT return for previous year as a proprietor of firm & had not disclosed such property in its account books & IT return. So, my question is how to give a treatment of such asset in account books so as to make it a part of such assesse's balance sheet. Also, if such asset is now disclosed in account books then will there be any risk or tax on such price of property, if such mistake is discover during scrutiny by the AO?

Also, render me the time period for revision of any IT return?

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