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Non mentioning of house properties
Assessee holding more than 1 house property -one sop and other Deemed let out. What are the long term issues associated with not mentioning Sop as there is no deduction of interest etc. Deemed let out property shown and income offered.
Replies (4)
Not good practise. In case when its required to sell in future, how can you proceed? No official documentation like Will .......
Otherwise also, a fear of search remains for whole life.
The SOP has clear title in the name of assessee. However, no deduction of principal or interest lying on it. So assessee does not fill any detail under House property. Whenever, the SOP is sold , the capital gains will be calculated and paid. However, please elaborate on the Search part. Thanks.
It amounts to concealment of particulars of income/asset for which penalties and other proceedings are prescribed under the act.
No problem subject to if the assessee has sufficient evidence that he has if he has purchased or constructed out of his own money ,merely non mention of details of SOP in ITR doesn't amounts to concealment. Don't worry if the assessing officer asks any question on non disclosure of SOP in ITR then you can say that there was no deduction on account of interest so we has not filled in ITR..
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