My client wants to add some land properties in his Income Tax File.
Earlier ,He does not add those lands as an asset in his balance sheet. Those land properties hold by him more than 7 years.. If he add those lands in his balance sheet , then what will be the consequences as per Income tax act ?
note :- he doesnot sold any property in last 7 years.
Generally personal properties can't be shown in business balance sheet.
So need not worry
CAclubindia
