Pls. advice me!!!!

492 views 6 replies

A person who is not liable to fill itr,purchase a property from its savings & investments den wat will be its consequences? 

And pls also tell wat will IT dept. can do?

Replies (6)

First of all, clear the Q, i think it should be "person not liable to FILE return"....

Secondly, there's no human being on indian land, earning income, who is not liable to file return....

 

Now, that says, any person who's not earning any income or not involved in any business is not as such liable to file ITR...  But then, the Q arises, from where such person can bring any savings or investments??? A person, if earning income, is liable to file ITR,... And if he's not earning, then from where does he brought such income????

 

If he's brought such investments from past gifts or some other source, i think disclosure of the same is necessary...

a person whose income is below  exemption limit is not required to fill itr?ex. for A.Y. 09-10 150000/- for male assesee.

And he is not filling any ITRs for past 5 years bcause his income is below exemption limit and den he purchased a asset for Rs.250000/-  from his past savings & investments then wat will be its consequences?

if his/her income is below exemption limit then he is not liable to fill ITR. and if he purchase house from investments or saving then no action can be taken by IT department.

if action is taken then defendent has to proove that the house is  purchased from white money

Ok, in that case no IT department will involve or investigate in such purchase (in normal circumstances)....

 

But, looking at the last two years, IT department has tremendously came out and got various investigations and scrutiny cases with it, so it can do investigate in ur case...

 

 

Here client comes in problem.., b'coz he's never filed any return due to his income less than exemption limit (which he should have, though had nil tax liability)... He's to prove various things, coz IT will definately not accept that easily.., coz he's never filed ITR.., it wil not be easy to conveynce them...

i also want to know that wat will the assesse do in these circumstances & and on which basis IT dept. investigate n how we can prove dat the property is purchased by white money? 

if the property is of high amount then income tax department can think for investigation

then assessee has to proove that the propert he purchased is of his white money

for this purpose assessee has to show his income of past year from which the property he purchased and give full detail of his income and investment made by him

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