24 September 2009
If an assessee purchased a land having gross value of 50 Lakh and he is a partner of 20% share. In this case, is the assessee is lible to declare in AIR schedule about this purchase as gross value of purchase is over 30 lakh or he is not lible to declare as his share is less than 30 Lakh.
24 September 2009
i think he should be declaring in It return under AIR , if the immovable property is valued at 30 lakhs or more . its no where mentioned that individual limit is 30 lakhs
25 September 2009
Agree with expert. It should be declared in AIR. The property value exceeds Rs. 30 lacs then it has to be reported. Whether it is purchased jointly or individually or what is the share in property is a different issue. Also in the report of Registrar he send such information to the income tax office CIB circle. Therefore it is advisable to report under AIR.
CAclubindia
