Tax implications for undisclosed asset

Neha Sharma (ca final) (195 Points)

16 November 2016  
The asset is in India in a suburb area. At the time of purchase of such property return filings was not to be made by the assessee and in later years when he started filing return he did not mentioned about the land in the return. now what would be the tax implications. if he sells/retain the plot of land. plz reply precisely