Hi friends...
pls do clarify this small doubt..
land purchased on sep 2002 for rs.185000/-
house property constructed on 2010 for say rs.40 lacs.
Income tax return is filed for the assessee for the past 5 years but no mention about the land in his balance sheet..
now we want to bring it into the accounts. So what value we need to take. whether cost inflation index need to be considered and accordingly rs.988985/- will be the value of land????
pls give me some ideas as how to deal with this situation...:):)
CAclubindia
