one of my client is having GTI income of Rs 5LACS while he is holding a 3 lands of Rs 75lacs each(i.e. land worth 2.25crore rupees).he is only filing Income Tax return and disclosing income of Rs 5lacs in his IT return.does it amounts to non-disclosure?
Menu
Freehold land
Replies (1)
As such NO, but the lands should have been purchased from his taxable income, or legal transfer/s. So, whenever any query raised, he should be able to prove its authenticity/ ownership.
Recent Topics :
- TDS ON IMMOVABLE PROPERTY - PURCHASE FROM NRI &
- Query to Tax Garden tax consultant
- Subject: Urgent Assistance Required – TRACES
- Claiming business re-imbursements while filing GST
- E-waybill 14 Digit Numbring
- Non filing of MGT-14 for MD appointment
- HUF AFFIDAVIT vs HUF DEED - REQUIREMENTS & STA
- Free Pre-Filing Tool to Match GSTR-3B vs GSTR-2B (
- MR AASHOK KUMAR SHARMA
- NIC codes for FIRMS registration of entity
Related Topics :
CAclubindia
