Tax audit : 44ab

This query is : Resolved

Sonex (Querist)
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15 August 2014 I am not engaged in any business.

I am filling ITR - 2 since last five years.

Now, I want to invest Rs. 1 Crore in Reliance / Government Bond.

I am regularly filling my wealth Tax return.

The aforesaid investment will be blocked for Five years and every year i will get return of Rs. 10 to 12 Lacs.

Now, the said investment will covered under 44AB (Tax audit).

Any other provisions applicable due to said investment.

Please guide me.

Nikhil Kaushik

Nikhil Kaushik (Expert)
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15 August 2014 believe the query has been resolved elsewhere. so closing this one.

Sonex

Sonex (Querist)
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15 August 2014 Sir,

Please confirm, whether any other provisions are applicable in my case ?

Thanks

Nikhil Kaushik

Nikhil Kaushik (Expert)
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15 August 2014 well you just need to ensure compliances with capital gains tax for the gains and "income from other sources" for interest etc.

please ensure that these investments are passive in nature because if you involve in active trading in securities, the tax department may contend that you are into business of trading in securities.

Sonex

Sonex (Querist)
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15 August 2014 Thanks for instant reply.

I am worried about the same.

Regards,
- Shital

Nikhil Kaushik

Nikhil Kaushik (Expert)
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15 August 2014 you are welcome Shital..take care

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