Never filed it return

You have purchased a house property so in the Balance sheet you can show it as your Investment or Fixed Asset as the case may be but the Cash Payment of Rs 16,00,000/- may create the problems for you...Though the Registered Value is also 16 Lacs you were suppose to make payment through Cheque or online. Cause cash payment even in case of Land Deals exceeding Rs. 20,000/- is not allowed.

what would be your answer if i have paid 16 lacs through cheque in that case also i dont have enough capital according to Income Tax 1.78+3.76+2.10+7.64 LAcs Only

Hi Sanjeev,

You have to explain how the investment was maid to tax authorities or else they have the power to asses the amount of investment as your income u/s 69

Regards

Karthik V Kulkarni

Please provide some more details:

What source of income do you earn? What were the source of income you had shown in the returns filed? My reason of asking you these question is if the source of income is not from business or profession, then balance sheet preparation is not required.

The question regarding house property is not clear? You are asking or telling?

Has the property already purchased or you are asking how to incorporate the same in the returns?

Now if the property is purchased whether in cash  by any other mode, you need to show under income from house property. Since that is the sole property, you can claim as Self occupied property. Its annual value will be nil.

Also in the return, declare your other sources of income like interest on FD, RD etc, bank interest. If invt in shares is made then dividend income and if any sale of shares made then the will be capital gains. These are just a few examples. 

While filing your return, prepare a gist of your incomes earned for the fy. Keep the bank account details ready. 

Prior to these 3 years you had some small income that you were accumulating or you got inheritance or gift?

@ Vishal:

The cash payments exceeding 20000 disallowance is from fy 2015-16. It has no re!evance as the asset is already purchased. Cash payment is no issue in this case because if she has to prove to the IT dept regarding cash generated then in that case that the payment of 16 lacs is from income generated over the period of years and not just from these 3 years in which the returns were filed

@ Anjali agarwal:

As far as possible do cheque payments when it is substantially of high amt. Avoid cash payments

No you need to show house property under house property schedule. If you have let out the property then you need to show that income else you can claim as self occupied property and the same needs to be compulsorily disclosed.

Purchase never comes under capital gains. It is when you sell a capital asset.

Yes you can show it under 44AD by claiming 8% income of the turnover. That income has to be shown under income from business. You can use itr4s in that case.

i will file ITR 4S tomorrow i have a savings bank account a residential house which is occupied by me and a botique bussiness...but i have downloaded ITR 4S in this form there is no specific column to show house purchased by me...so ITR 4S is enough? and i have made the cash payament of 16 lacs is it fine??

No you need not show details of house purchased. But fill the details in B3. Ya that is ok, if you have purchased the house in cash. Only thing you should be able to prove the AO that the cash paid is earned from your taxable income in case scrutiny arises.