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Querist : Anonymous

Querist : Anonymous (Querist)

16 January 2011 Myself & my wife are NRI's since last four years.

We dont have any income in INDIA.
So we didnot file tax return also.

Last year July 2009 , I purchased a flat in my wife name around Rs. 7,00.000/-
Money witdrawn from my NRE account ( Not from my wife account)& paid as cash payment to seller.

Now My wife received a letter from IT dept about PAN no details & status of IT assesment of this tyransaction.

Now Should we pay any tax for this transaction?

Howmuch we should pay as a tax?

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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17 January 2011 1. You have to clarify your situation as regards with your present status of NRI and your staying abroad.
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2. You may clarify the source of investment.
in the said letter.
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3. Reason for non availability of PAN No.- as mentioned above.
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4. You need not to pay Income Tax unless the property is actually let out. You may show it as a self occupied property.
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5. In case property is let out and (Rent Receivable-30% of Rent) is less than 160000/, you need not to worry.

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