Consequences of not filling air in itr-2

 

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.

 

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
19 October 2026
Accountants/Articles (Freshers/Experienced)

ADY & CO.

New Delhi

Graduate (Any)

View Details
Company
23 October 2026
Sr. Accountant

SANKARAN & KRISHNAN

New Delhi

B.Com

View Details
Company
16 October 2026
CA article trainee

Zerdi & Co. Chartered Accountants

Pune

CA Inter

View Details
Company
ARTICLESHIP 07 October 2026
Article Trainee/ CMA Trainee

RMA And Associates LLP

New Delhi

CA Inter

View Details
Company
12 October 2026
AUDIT , ACCOUNTS AND TAXATION

KDSS

New Delhi

B.Com

View Details
Company
08 October 2026
Account Executive

Elite Taxation

New Delhi

CA Foundation

View Details
Company
13 October 2026
Accountant

Zerdi & Co. Chartered Accountants

Pune

B.Com

View Details
Company
ARTICLESHIP 22 October 2026
Articleship intern

Srinath Manikanta

Hyderabad

CA Inter

View Details