o have purchased a land in 2009 of 1 lakh but haven't shown in books now it's value increased and I want to build a house on it how can I show it in my books now
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section 69 ( unexplain investment ) of in income tax will apply it will treated your
investment and you will be charged tax on it
AO can ask for explanation only if investment is not recorded in the Books of Accounts.
the income tax would be payable at the rate of 30% (plus surcharge, education cess and secondary and higher secondary education cess as applicable). Notwithstanding anything contained in this Act, no deduction in respect of any expenditure or allowance shall be allowed to the assessee under any provision of the Act, in computing his income referred to in Section 69
CAclubindia
