Buying a new house property without income tax return

ITR 1100 views 3 replies

kiran jhamnani

Finance Professional

119 Points Posted on 08 January 2015

My sister is single 47 years she does not have any property in her name right now but soon she is planning to buy a home on cash worth about 25 to 30 Lakhs. She never been a salaried employee. Buying source may be the family money but can also come from borther in the form of gift or home saving. she lived abroad in the past but from 5 years she is in India (Hyderabad). past saving will be used to buy land or construction or the joint property with brother.

She never had ITR filed before and there is no occupation exept home tuition which is not in tax slab.

Does she need to have ITR filed before buying the property

or it is not needed

or after buying property on her name she can declare this in ITR

If it is joint property with brother he is paying the money and puting her name in documents still she will require the ITR declaration?

Replies (3)

Mihir

Wealth Manager

5293 Points Posted on 08 January 2015

Hope she has a PAN card. She can purchase the flat with her and/or family savings. Since she is single, it would be better to purchase the house in joint name. She need not show this flat in ITR. If the brother gifts some money to her to purchase the flat, that gift will have to be documented. And the brother's ITR should be in order.

shailesh sawale

2 Points Posted on 28 April 2018

i am engaged in plot sale business, three years ago i sale plot to customer on the basis of after three years i return 1/2 amount to them. Now three years complete and i want to refund 1/2 amout to customer, 1. How to refund them ? 2. which document to be prepared at the time of refund? 3. what tax liability on said refund? tds etc..

kiran jhamnani

Finance Professional

119 Points Posted on 19 July 2018

Many thanks for your reply. How the money as gift can be documented. If brother transfer the amount Rs 10,00000 (Ten Lakh) in her account from his account and his IT file is inline he paid the capital gain tax already on the gifted amount.

Apart from bank entry what else can be documented, Please advise.