Confusion over balance sheet and itr form

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Hi I was working for 7 years in it industry and was filing my income tax as itr 1. I didnt prepare any balance sheet . Two year ago i left my job n joined my father s budiness as a employee from where i withdraw salary. I have purchased a plot from my money and tramsation was all in cash. Last time, i met one of the lawyer , he told me this is illegal and i need to show all money thru balancesheet. How to prepare balance sheet for last 7 years. I m confused. Need help. Also which itr i need to fill as from last two years , i m getting salary from my father s firm less than 2.5 lac.
Replies (1)
Property purchase through cash transaction is illegal, that's for sure. Since you are salaried person balance sheet is not applicable to you, and once you sell that property that it will become taxable n at that time you need to show in Incometax return.


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