AIR-006

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This query is : Resolved

AVINASH SINGHAL (Querist)

22 September 2016 One of my client has received notice of AIR 006 as he purchased a property in Noida of 58lacs in 2012. he filed his return of the said period. wat shall be our next step because while submitting reply online, only negative points like declare by taking IDS, purchased property out of undisclosed income sources etc. please suggest wat shall be done now.

CA Sumiit B Nagpal

CA Sumiit B Nagpal (Expert)

23 September 2016 If you have submitted the reply online and your client had furnished the return for that year, no need to worry. Make sure that he had all the sources of Rs. 58 Lacs like proof of bank loan if any etc. If the property has been purchased from own funds , make sure it was the taxable income from where the property was purchased. These negative things are only for the people to guide about the IDS scheme which is going on and will only be available till 30 September 2016. No need to worry if the money from which the same has been purchased is duly accounted for and is legitimate. If otherwise, pl advice him to declare the unaccounted money under IDS and pay tax accordingly.

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