Inclusion of old plot of land in the income tax file.

This query is : Open

Querist : Anonymous

Querist : Anonymous (Querist)

15 September 2011 I have an old plot of land which was bought by my grandfather in 1958 and later on it was partitioned in the family in the year 1998. It is an agricultural land and was not included in the income tax return then. I want to include the same in my income tax file and want to declare agricultural income. could you please help me with regards to the same?

CA MANOJ GUPTA

CA MANOJ GUPTA (Expert)
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15 September 2011 Dr agricultural land
Cr Capital account
Put a figure near to FMV on the date on which u became owner of the same

CA MANOJ GUPTA
JODHPUR
09828510543

Message likes : 1 times

Querist : Anonymous

Querist : Anonymous (Querist)

16 September 2011 Thank you for such a quick response Mr. Gupta. The other thing is that will it make any difference if the property is registered or not? And I have been using the same land since I recieved it under partition and since then have not declared it in my Income Tax return and the only income that I have in my return is the share of profit from a partnership firm. So now if i include the land in the balance sheet will it attract suspicion of the IT authorities? and after inclusion in my personal balance sheet will it be possible for me, to transfer it to my Partnership firm at a later stage?

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