19 June 2010
An individual is required to file his return of income( with no balance sheetor other statements ).If he/she purchases an immovable property during the year for Rs 2500000/-& while filing return this information is not shown then how will ITO comes to know of this?
19 June 2010
The assessee has to mention this in Income Tax return in the AIR part of the Return and thus ITO will know aboout the declaration from the return.
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