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An assessee have a capital asset (plot of land)purchased in the year 1999-2000 and has not shown it in his financial statements. Now he is going to purchase a house after selling the property concerned. What would be the tax implications and what shall be done to avoid , not evade capital gain? And what penalty will be imposed for not showing the given asset in question in his return? Plz reply with a proper solution. my friend has given me this challenge. I need your help. foreign property hoti toh kuch jawab de bhi deta but in this case he said that suppose its an Indian property. kya karu..kya penalty batau aur kya tax planning ho sakti hai?
CAclubindia
