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