Purchase of property

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rajesh nagpal

rajesh nagpal (Querist)

13 August 2018 my annual itr is 18 lakhs .can i buy house of 35 lakhs .will i get income tax notice for that .

CA Visswanath Vadde

CA Visswanath Vadde (Expert)

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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rajesh nagpal

rajesh nagpal (Querist)

13 August 2018 thanks for early reply

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)

13 August 2018 You can expect notice from IT dept. , based on annual information return, since the
value of the house > 30 lakhs .

rajesh nagpal

rajesh nagpal (Querist)

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

CA Visswanath Vadde

CA Visswanath Vadde (Expert)

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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