NRI Taxation

This query is : Resolved

tapas aghera (Querist)
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02 April 2009 Dear sir,

Suppose if

NRI - purchased home in Inida from NRE BAnk acccount

He has paid stamp duty on 10,00,000/-
But he has been asked to pay short stamp duty under 32C of stamp act act on the value - rs. 13,00,000

Dept. has said u have CONCEALED INCOME OF RS. 3,00,000/-

AND HAVE TO PAY TAX ON IT

Is the dept. Correct or is there any way to deal it.?

I also want to know what would constitute "CONCEALMENT OF INCOME" AS PER INCOME TAX ACT

HUZAIFA HUSSAIN

HUZAIFA HUSSAIN (Expert)
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02 April 2009 CONCEALMENT OF INCOME IS THE INCOME NOT DECLARED AND THE IT OFFICER HAS GOT REASON TO BELEIVE AND HAS GOT SUFFICIENT RECORD TO PROVE THAT THE INCOME IS SUPPRESSED. IN UR CASE I DONT FIND ANY REASON HOWEVER IF THE DIFF. OF STAMP DUTY OF RS.3.00 LAKHS HAS BEEN PAID IN CASH AND HAS NOT ROUTED THROUGH NRE ACCOUNT THAN IT OFFICER IS CORRECT.

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tapas aghera

tapas aghera (Querist)
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03 April 2009 thanks for ur reply..

i was also of the same opinion that unless and untill he is paying in cash then IT is correct

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