Is it essential to show all property tranactions in ITR. I have noticed that most property dealers/financiers do not do the same. What is the probability of being detected under scrutiny of IT department and how. Till how many years can cases be examined for srutiny in case of reporting of tranactions in ITR.
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Property transactions in itr
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There is no fixed rule regarding this. Most people do not disclose property transactions in their ITR, because many transactions involve black money. Sometimes AO can open a file that appears suspicious but as the scrutiny begins, the appeallate passes the order in favour of the assessee because the AO failed to interpret certain rules of income tax. And some files involving black money never get detected at all.
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