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NRI paid 30 lacs as advance for flat in FY 19-20 AY20-21 bal.30lacs in Fy 21-22. return for 20-21AY

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bujjulu

e-TDS + IT return filer Hyderabad

731 Points Posted on 02 December 2020

assesses does not have any income in INDIA

NRI paid 30 lacs during FY 19-20 for purchase of lfat.

balance about 25-30 lacs will be paid in during 21-22 FY

My doubt is while registration value of the flat exceeds 30 lacs, th same may be reported to the Dept.

On receiving such report, if the dept. asks for not filing the return OR source etc......

...what answer should I give.

Any action to be taken now....Please advise.

Replies (2)

Quick Summary

An NRI paid an advance of 30 lacs for a flat in FY 19-20 and will pay the balance in FY 21-22. The registration value may exceed the initial advance. This discussion addresses concerns about potential queries from the tax department regarding the income tax return filing, source of funds, and any necessary actions. It also touches upon TDS requirements for property purchases under 50 lacs and the obligation for both buyer and seller to file returns post-registration.