Provided the taxes and penalties are paid on the income declared under IDS 16, there shouldn't be much issue in relation to the property.
Hope there isn't any other income escaping assessment which income tax department can dig into.
IDS 2016
My client purchased property in A.Y.2014-15. For A.Y.2014-15 notice was issued to him u/s 142(1) and 143(2) of the IT Act,1961. The cost of property was Rs. 20,00,000/- was not shown in the investment of A.Y.2014-15. He made IDS 2016 for for 2013-14 Rs. 20,00,000/- in cash and taken stand that the property is purchased out of this declaration in A.Y.2014-15. Whether his stand is correct or not.
Asked 6 years ago in Income Tax
I dont think there should be any issue with the stand that has been taken.
Regards,
Nikhil
As per my opinion, its correct,there should not be any issue with it.
If your client does not have any other untaxed investment/ income, then the stand seems to be correct.
Please feel free to call/ revert in case you need more clarity.
Thanks and regards
Abhishek Dugar
CA CS B.Com
Hello,
SO you are trying to say that the property was purchased from funds which were not on record.
If that is the case then its correct.
Trust this clarifies your query.
Feel free to call / get back in case of further clarifications.
Thanking You.
Regards,
Rohit R Sharma
BCOM, FCA, LLB, CERT. FAFP
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