29 July 2016
I sold inherited flat in 2012 and invested in another property jointly with my sibling . What does non PAN transaction mean for selling house and whether it is considered as undisclosed income in IDS 2016. I want to know whether i will have to pay 45% tax and penalty. As far as I remember we had given a copy of PAN card while selling the flat in the property regn office PLEASE HELP
29 July 2016
no. That is not undisclosed income. The joint name is put for family convenience and not for creating any undisclosed income...Dont have to worry at all
CAclubindia
