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Land purchase for it

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Querist : Anonymous

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Querist : Anonymous (Querist)
11 July 2013 I bought land of Rs.12,50,000 ( Govt. Value )
the date of 26.02.2013. for Income tax filling for the Asst.year 2013-14. The land purchase how to treat.

Note : This land purchase (Transfer) to My Father property. No money paid . My father given to me.

For the balance sheet land show in asset side the value differ from liabilities.
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Anil Sankar V

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Anil Sankar V (Expert)
11 July 2013 it is inherited property ,not taxable,basically gift
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Querist : Anonymous

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Querist : Anonymous (Querist)
11 July 2013 Thank u .,
it should be shown in Balance sheet or no need .
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Anil Sankar V

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Anil Sankar V (Expert)
11 July 2013 it shall be shown in the balance sheet & increase in capital simultaneously.
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