Consequences of not filling air in itr-2

ITR 895 views 1 replies

 

I had purchased immoveable property of of high value and fails to disclose the same in my annual return in Schedule-AIR of ITR-2 and the same mistake i committed since last 3-4 years continually.

 

Kindly let me know the consequences of the same and also suggest remedy available.

 

Now department caught my all records. Altough i had never booked any income being all transactions were of purchase not of sale.   

 

Kindly expedite your suggestion.

 
Replies (1)

There no problem for not filling the details of purchase of property in the ITR. So forget about any consequences to that.

 

Now let me come to the crunch part:

you say that you have not shown any income in the return filed, then first question that will arise is the source of money from which you purchased the property.....

this will entail you in difficulties if you dont have explanations to the source.....

So get details of how you got the money to invest in property.

 


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