Purchase of property
This query is : Resolved
13 August 2018
my annual itr is 18 lakhs .can i buy house of 35 lakhs .will i get income tax notice for that .
13 August 2018
One year income is Rs.18 Lakhs. House is being purchased with income earned in previous years which are saved. Its advised to submit return of income without fail which will help for disclosing source of funds while investing in properties. You may not receive any notice, if you are submitting return of income.
Message likes :
1 times
13 August 2018
thanks for early reply
13 August 2018
You can expect notice from IT dept. , based on annual information return, since the
value of the house > 30 lakhs .
value of the house > 30 lakhs .
14 August 2018
can i expect notice even if i am submitting itr for every year and is of 17 to 18 lakhs based on air .i am a psu employee
14 August 2018
AIR Reports are to be submitted by Agencies with financial transactions, like sub-registrar offices dealing with purchase and sale of land and buildings.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- GST on export of services and Input Credit
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- ITC temporary reversal and reclaim
- TDS U/S. 194NF
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- Applicable TDS rate for sale of property in Nov 2024
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- GST ON EXPORT COMMISSION
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- 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
- Regarding einvoice taken on nil rated sales
- Strategical investment in Public listed company
Trending Online Classes
CAclubindia
