Purchase of property
This query is : Resolved
13 August 2018
my annual itr is 18 lakhs .can i buy house of 35 lakhs .will i get income tax notice for that .
13 August 2018
One year income is Rs.18 Lakhs. House is being purchased with income earned in previous years which are saved. Its advised to submit return of income without fail which will help for disclosing source of funds while investing in properties. You may not receive any notice, if you are submitting return of income.
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13 August 2018
thanks for early reply
13 August 2018
You can expect notice from IT dept. , based on annual information return, since the
value of the house > 30 lakhs .
value of the house > 30 lakhs .
14 August 2018
can i expect notice even if i am submitting itr for every year and is of 17 to 18 lakhs based on air .i am a psu employee
14 August 2018
AIR Reports are to be submitted by Agencies with financial transactions, like sub-registrar offices dealing with purchase and sale of land and buildings.
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