House property
Querist : Anonymous
1) A person had no residential house in his name.
His daughter gave him money & he purchased an apartment in his name in year 2011.
IT return was filed by the person in 2011.
Any need to mention about the purchase of apartment in the IT return for AY 2011-12?
2) Would the amount given by daughter to buy house treated as the father's
income in FY 2010-11 or just a transfer of money?
Thanks!
there is no provision on the tax return for showing purchase of house property.
purchase the flat is not proved with documentary evidence or up to the satisfaction
of the assessing officer that it is received from daughter, then amount will be
assessed in the hands of father as unexplained investment.
Querist : Anonymous
Where the daughter works abroad & files return in her resident country, can the Income Tax officer ask the father to submit
a copy of the ITR filed abroad. (Evidence w.r.t. source of funds have been submitted)
Is the foreign currency given as gift to father (& held by him in fixed deposit in Indian rupees as on today) be taxable as income in the FY
it was received.
Principal portion of the FD is tax free, but the interest earned thereon is taxable in
the hands of father.
Querist : Anonymous
Tried to send a PM.
Like to know if your provide consultancy over phone on a
professional basis.
Click here to login now
Similar Resolved Queries
- Tax on capital gains revoked us 54f
- Refund of AY 22-23
- HSN Details in IFF/GSTR-1 & in GSTR 9
- Should I include march foreign salary received in April in my income for FY 2023-24?
- Inventory of finished goods
- Company Incorporation - CA and directors signing from different states
- Filing of Form 10BB instead of Filing Form 10B
- Confusion around Form 26QB fields
- Clarification on Documentation of Paid-Up Capital Contribution by Directors
- Sale of property furniture sale
- Return material
- TDS is applicable on payment of Fix Meal
- Form ITC 04
- TDR receipts for agreement holder
- Point (III) 9 of GSTR-9C
- MIS MATCH OF INVOICE NUMBER
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
Trending Online Classes
CAclubindia
