I HAVE 3 NON RESIDENTIAL BUILDINGS IN RURAL AREA Constructred by myself only without taking any loan .I HAVE NEVER SHOWN ITS RENTED INCOME(APPROX. Rs.10 lakh per annum) in previous INCOME TAX RETURNS.ALL ARE RENTED SINCE 2012.
I M FILLING ITR AND I HAVE ONLY SHOWN PROFESSIONAL INCOME(LAWYER) UPTO Rs. 500000 only in each previous return and has never prepared my financial statements.NOW pls suggest
1.How i can show building (Rs. 1.5 crore) as fixed asset in current year income tax return.
2.How much rented should i show to avoid penalty and scrutiny.
CAclubindia
