DISCLOSURE IN AIR IN ITR
This query is : Resolved
21 July 2010
There is a property for Rs 75 lakhs in name of 3 persons.Each one of them has contributed Rs 25 lakhs each.In whose ITR should the above property purchased for more than 30 lakhs be reflected in AIR.Where can I get more information on related issues of AIR disclosure???
21 July 2010
If each persons share /contribution (ie Rs.25/- lakhs each)towards the total cost of Rs.75/- lakhs is separately mentioned in the registerd document, as per my understanding, no need to mention in ITR being that amount is less than the specified limit Rs.30/- lakhs.
For the details of AIR, in general, you may read the article in https://financialawarenessportal.com/know-about-annual-information-return-and-high-value-transactions/
For the details of AIR, in general, you may read the article in https://financialawarenessportal.com/know-about-annual-information-return-and-high-value-transactions/
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