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?
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Freehold land
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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.
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