I.t not filed so for
This query is : Resolved
01 August 2011
dear experts,
one of my relative aged 58, he has not filed I.T returns till date. he was govt employee & got his salary after TDS deduction. now he wants to buy one property worth 10 lakhs, can we file only current years I.T & show 10 lakhs as his previous savings ? will this cause any problem ?
one of my relative aged 58, he has not filed I.T returns till date. he was govt employee & got his salary after TDS deduction. now he wants to buy one property worth 10 lakhs, can we file only current years I.T & show 10 lakhs as his previous savings ? will this cause any problem ?
01 August 2011
If u so wish u can file the income tax return for the financial year 2009-10 and 2010-11 now. Earlier year returns can't be filed voluntarily being barred by time.
Regarding purchase of property, if the documented price is30 lakhs and above, IT department will get information through AIR filed by the sub registry leading to a scrutiny by the IT department. Since the amount is less in the cited case scrutiny assessment is not mandatory. But if called upon by the IT department,on a proper notice, u have to prove that 10 lakhs is the past savings with convincing evidences like cash flow etc.,
Regarding purchase of property, if the documented price is30 lakhs and above, IT department will get information through AIR filed by the sub registry leading to a scrutiny by the IT department. Since the amount is less in the cited case scrutiny assessment is not mandatory. But if called upon by the IT department,on a proper notice, u have to prove that 10 lakhs is the past savings with convincing evidences like cash flow etc.,
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