10 December 2011
One NRI owned 4 residential flat in mumbai. Hehad no income in india. during 2008-09 he sold all the flats and invested the long term capital gain in two flats, one in mumbai and one in banglore. As the original flats were maintained for self occupancy, there was no rental income. He had not filed the return (showing them deemed let out). Now under scrutiny, the AO contends that as the return for earlier periods have not been filed, the condition u/s 54 'the income from which is chargeable under the head - income from house property' can not be said to have fulfilled. Is it necessary to have filed the return when actually one does not income?
11 December 2011
wHEN INCOME IS BELOW THE AMXIMUM AMT NOT CHARGEABLE TO TAX THEN WHY ONE WOULD FILE A RETURN TELL AO THAT THERE IS NO DENIAL THAT INCOME IS CHARGEABLE TO TAX BUT SINCE INCOME IS NIL HENCE NO RETURN FILED
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