WHAT TO DO TO SAVE TAX
This query is : Resolved
27 March 2010
HELLO EVERYONE
ONE OF OUR RELATIVE PURCHASED RESIDENTIAL PROPERTY FOR RS.1.5 CR AGREEMENT VALUE
SOURCES
20 LACS OF LOAN FROM BANK
80 LACS LOAN FROM RELATIVE(BY CHEQUE)
50 LACS CASH (NOT DISCLOSED IN I.T. OR BLACK MONEY)
HOW TO PREPARE IT RETURN. IT THERE ANY WAY TAX CAN BE AVOIDED ON RS. 50 LACS ALSO AT RATE HE SHOULD PAY TAX ON RS. 50 LACS UNDISCLOSED INCOME.
THANKS IN ADVANCE.
REPLY REQUIRED URGENTLY..........
MY ID abhipcc@rediffmail.com
ONE OF OUR RELATIVE PURCHASED RESIDENTIAL PROPERTY FOR RS.1.5 CR AGREEMENT VALUE
SOURCES
20 LACS OF LOAN FROM BANK
80 LACS LOAN FROM RELATIVE(BY CHEQUE)
50 LACS CASH (NOT DISCLOSED IN I.T. OR BLACK MONEY)
HOW TO PREPARE IT RETURN. IT THERE ANY WAY TAX CAN BE AVOIDED ON RS. 50 LACS ALSO AT RATE HE SHOULD PAY TAX ON RS. 50 LACS UNDISCLOSED INCOME.
THANKS IN ADVANCE.
REPLY REQUIRED URGENTLY..........
MY ID abhipcc@rediffmail.com
27 March 2010
sec 69A apply, 3 times of normal tax
27 March 2010
SHow that the flats have purchased at Rs. 1 crore (under-valued the property) in the agreement with the builder itself . or show u have taken some loan from some relatives. there is no other wayu have to bear tax u/s 69A
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