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Treatment in book of accounts of undisclosed property

This query is : Resolved 
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(Querist)
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...
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Arun

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Arun (Expert)
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.
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