AIR details efiling
This query is : Resolved
10 June 2011
I do not have income at taxable slabs. but my father has purchased flat(>30lacs) and my name is there in purchase agreement . i have not paid a single rupee. if i had taxable income i was required to give AIR details. But i dont have taxable income and therefore i have not filed the return for AY10-11 till date. is it ok ? OR for AIR details i will have to file return. if it is compulsory can i file it now
I do not have income at taxable slabs. but my father has purchased flat(>30lacs) and my name is there in purchase agreement . i have not paid a single rupee. if i had taxable income i was required to give AIR details. But i dont have taxable income and therefore i have not filed the return for AY10-11 till date. is it ok ? OR for AIR details i will have to file return. if it is compulsory can i file it now
11 June 2011
It is important to have explanation ready for the source from where the investment has been made by him. Even though the house has been purchased in your name yet it is important to know that whether he is showing the property in his Return of Income.
In case it is not being shown in his Return then it is advisable for you to file your Return of income in which the
source of investment can be shown as Gift from Father. For AY 2010-11 you can file your return by showing your income below the taxable limit.
In case it is not being shown in his Return then it is advisable for you to file your Return of income in which the
source of investment can be shown as Gift from Father. For AY 2010-11 you can file your return by showing your income below the taxable limit.
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11 June 2011
Father has filed his return showing air details and claiming exemption u/s54 for full amt. Am i again required to file for the same amount. it is already delayed. will any penalty for late filing be charged
11 June 2011
In case your father has shown the same in his return, then it is not compulsory to file the return in your case unless you were having taxable income on and above Rs 190000/-.
In case your father has shown the same in his return, then it is not compulsory to file the return in your case unless you were having taxable income on and above Rs 190000/-.
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12 June 2011
i am having refund of 2000. and my principal said i may be penalised for late return filing upto 5000 then what is use in filing return. Should i or should i not.
Thanks a lot Paras Sir. Your guidance is very helpful to me and clearing the confusions that were in my mind.
Thank You!
Thanks a lot Paras Sir. Your guidance is very helpful to me and clearing the confusions that were in my mind.
Thank You!
12 June 2011
In case your income is not taxable, and the TDS amount is Rs. 2000/-, you can file a return and get refund for the same.
13 June 2011
No penalty of 5000 will be charged?
In AIR details should i show full amt as father did in his return or am i not eligible/required to give AIR detail
In AIR details should i show full amt as father did in his return or am i not eligible/required to give AIR detail
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