How to show 8 years or more old land property
santosh
(Querist) 18 December 2015
This query is : Resolved
One of my client a gift of land property received from her father in 8 years ago.She forget to show that land property. The deed value of the land is 8 lakh and the Market value on the recent date is 35 Lakh. Now my question is how this land property can be shown in income tax file because her old IT return had been submitted. Please answer anyone of my question. My second question is if she purchased land property in the year 2010 and not shown in it file. Now how she show this land property in current financial year.
Rajendra K Goyal
(Expert) 18 December 2015
Whether the client is salaried person / self employed / professional or business person?
What type of land was ? Agricultural / commercial / residential?
How much Income she was driving from land?
Whether any tax is to be paid if property shown from back date?
Discuss with local tax consultant.
Adv. Yogen Kakade
(Expert) 19 December 2015
If the tax department sends you a notice.. come to this forum.
K.S.Srinivas
(Expert) 24 December 2015
Post this query on CAclub.
