how do we declare any asset to the income tax authority? Do there existes any special form to declare the assts? assets include house property
DT Fundas - Tarun rustagi
( Author)
(1150 Points)
Replied 27 April 2010
dear first male me clear that why do you wanaa disclose assest to it dept.
SHUVRO
( (WANT TO LEARN) )
(175 Points)
Replied 27 April 2010
dear tarun
it is not the case with me but one of our executives queried me. moreover u can also say it is to enhance my knowledge....................
Amir
(Learner)
(4016 Points)
Replied 27 April 2010
Dear Shuvo,
Assets are generally disclosed under "Wealth Tax" {But under wealth tax "Nil" or "Voluntary retuen" is treated as Invalid}
"Income tax" as its name suggest is a mode to disclose "Income" & not properties. However immovable property i:e House gets disclosed in an indirect way through "Income from House Property" {Here u can file "Nil" return}
SHUVRO
( (WANT TO LEARN) )
(175 Points)
Replied 27 April 2010
thnkx amir,
thn when sud one must file a declarataion under the wealth tax act?
DT Fundas - Tarun rustagi
( Author)
(1150 Points)
Replied 27 April 2010
dear shuvro
i think amir bhai is right
in the case of sale and purchase of immovable property valued at rs.30lacs or more then registrar ia liable to give details of ur property to income tax dept. and as said by amir bhai there is no direct way to disclose property to income tax dept under income tax law
sivaram
(Asst Mgr-Taxation)
(6918 Points)
Replied 28 April 2010
| Originally posted by : Amir | ||
 |
Dear Shuvo, Assets are generally disclosed under "Wealth Tax" {But under wealth tax "Nil" or "Voluntary retuen" is treated as Invalid} "Income tax" as its name suggest is a mode to disclose "Income" & not properties. However immovable property i:e House gets disclosed in an indirect way through "Income from House Property" {Here u can file "Nil" return} |
 |
thanks Mr Amir for the reply
Analysis of 20 GST Notices (including 2 Appeals) and Practise on Drafting(with recording)
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