shailesh (ABCD) (42 Points)
10 August 2010
I am salaried employee.
I had bought a house by house loan (cost more than 30 lakhs). I was not aware to declare “Purchase by you of any immovable property valued at thirty lakh rupees or more” under “Annual Information Return” in ITR. So I did not declare it.
Now what will happen if I will not revise my ITR? (I don’t want to declare because I have undeclared interest income (aprox 10,000) ).
Could it create problem in future (at selling time)?
Thanks
Aditya Maheshwari
(CA in Practice)
(35867 Points)
Replied 10 August 2010
File revise return. As it is in the original return was filed without discloseing the interest income so do not show it in the revise return also but do show the AIR information as the same is linked with your PAN. So do revise ur return.
Manoj BG
(Tax Professional and in Service)
(1795 Points)
Replied 10 August 2010
FULLY AGREED WITH ADITYA
shailesh
(ABCD)
(42 Points)
Replied 11 August 2010
Thanks Aditya for your reply.
What is the possibility for audit of my tax declaration documents (submitted to my company) and bank accounts?100%? Or Random few case?
What will IT department check in that audit (tax declaration documents and bank accounts both)?
And finally what could happen I could not declare house in ITR? (If anybody knows some same case?).
Thanks ones again.
CAclubindia
