Registration of land
This query is : Resolved
18 July 2011
sir........i bought a land, the same was registered on my name.......and for consideration i have issued cheque...but the same was not realised ..and payment made in cash but the cash payment was not shown in books...........whether i have to show the land in books ???? what other consequences will arises
18 July 2011
Since you have issued the cheque keep the balance of the amount in the books. Get all land papers transferred in your name otherwise the seller may sale against the said land. I mean get the land transferred in your name on the strength of the purchase deed and debit land and credit bank. The amounting lying in the bank account will appear in reconciliation. Try to get a certificate from the seller that he has received the payment against land and no dues are pending. Show some amount paid in cash as cost of the land.
Message likes :
1 times
18 July 2011
You have to show the same in the Books of Accounts because these days all the registries have PAN no. of the assessee. And then AIR is filed by the registrar to the IT Deptt. So the AO can easily trace the land belonging to you.
But if you dont show the same in your books of accounts then the AO can easily say that the same has been bought by you through un accounted income and it will be added to your total income and taxed accordingly.
But if you dont show the same in your books of accounts then the AO can easily say that the same has been bought by you through un accounted income and it will be added to your total income and taxed accordingly.
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
- Opting our of sec 44AD
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- Multiple trade mark
- Regarding TDS Applicability For Director Remuneration
- Transporter Declaration form
- Copyright software
- Value of property in capital gain
- LC charges in relation to Asset purchased should be Capitalised ?
- SALE OF MOTOR CAR BY REGISTERED INDIVIDUAL
- RULE 86B APPLICABILITY IN QRMP TAX PAYER
- GST Treatment of Insurance Commission for Existing GST Holder
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
- Address Change to another state of a Registered Trust with 12AB approval
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
