Treatment in book of accounts of undisclosed property
This query is : Resolved
16 November 2013
Dear All,
Pls help in sorting out this problem,
My frnds dad has a property worth 40lakhs which was not disclosed in books of accounts due to some reasons and now he want to get that accounted ....
Can Anyone pls tell me wt will be the tax implication ,if sunddenly brought into books.....does the Implication changes depending upon the valve...
Pls help in sorting out this problem,
My frnds dad has a property worth 40lakhs which was not disclosed in books of accounts due to some reasons and now he want to get that accounted ....
Can Anyone pls tell me wt will be the tax implication ,if sunddenly brought into books.....does the Implication changes depending upon the valve...
16 November 2013
Hey friend, this is all somewhere related to black money. If the property was purchased legally means through white money then it is simple the case of omission in accounts.
But if the property was purchased and assessee offers no explanation to the source of investment then it will be taxable @ 30% in the Financial year in which assessee brings the property in accounts.
But if the property was purchased and assessee offers no explanation to the source of investment then it will be taxable @ 30% in the Financial year in which assessee brings the property in accounts.
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
- CAPITAL GAIN BASE ON NOTIFICATION
- Difference between Date of Payment and Date of Deduction?
- ITDS U/S.194T of Firm
- Unregistered suppliers utility
- EXPORT COMMERCIAL INVOICE HSN CODE
- GST not cancelled by tenant
- Filling ITR - U
- TDS ON EMAIL DOMAIN SERVICE BILL
- URGENT-Eligible leaves being shown as 24 days for 3 years Articleship instead of 156 days in 108
- FORM 141 SDV query
- How to pay remaining amount of TDS after due date?
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
- Tax Demand of ₹4,650 for AY 2026-27
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
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
