one of my client is having GTI income of Rs 5LACS while he is holding a 3 lands of Rs 75lacs each(i.e. land worth 2.25crore rupees).he is only filing Income Tax return and disclosing income of Rs 5lacs in his IT return.does it amounts to non-disclosure?
1 Replies
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177896 Points)
Replied 23 February 2019
As such NO, but the lands should have been purchased from his taxable income, or legal transfer/s. So, whenever any query raised, he should be able to prove its authenticity/ ownership.
Recent Topics
- NRO Interest - Taxed at source and in Foreign Coun
- Clarity needed on effective date
- Income Tax Refund Deadline Shortened to Five Years
- Rectification Applications for Past GST Demands
- Where can I find a trusted provider to hire a skip
- GST Invoices Series
- FILING OF ITR AY 20-21
- CLAIMING OF U CLAIMED RCM
- Building construction works
- REGARDING GSTR-9 F.Y 2023-24
Related Threads
CAclubindia
