Purchase of property
This query is : Resolved
Mayur Gupta
(Querist)
11 January 2016
gud afternoon
i need ur suggestion,a relative of mine who is a senior citizen want to purchase a property,and he had filed his income tax return for any year,as his net income did not exceed the basic exemption limit,
1) does he need to file his return?
2) is there any trouble in doing so?
i need ur suggestion,a relative of mine who is a senior citizen want to purchase a property,and he had filed his income tax return for any year,as his net income did not exceed the basic exemption limit,
1) does he need to file his return?
2) is there any trouble in doing so?
CA PARAS BAFNA
(Expert)
11 January 2016
The size of trouble is proportionate to the value of the property which is being acquired.
.
We recommend to file tax returns , though he is having NIL income.
.
The trouble which he may feel in compilation of his income tax related details will be lesser than the trouble which can arise by purchasing a property without the proper explanation for source of investment.
.
We recommend to file tax returns , though he is having NIL income.
.
The trouble which he may feel in compilation of his income tax related details will be lesser than the trouble which can arise by purchasing a property without the proper explanation for source of investment.
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Mayur Gupta
(Querist)
11 January 2016
PARAS SIR,can u pls explain in detail, how can he do so? as by filing 2 year returns he won't be able to show enough saving.........
Mayur Gupta
(Querist)
11 January 2016
is there any alternate option????
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