Actually i had a client (buyer) who has been served a notice from IT dept for non deduction of TDS for purchasing a property from NRI.
In the registry documents there is a form 60 signed by him mentioning he is not an assessee.
He didnt have PAN then, but this year he got his PAN. from sources we came to know that he has not filed IT return for that financial year.
Does this declaration form can be useful for purchaser to make a plea to the IT dept that the seller has declared that he is not an assesse for this property for this sale proceeds.
The whole question revolves around how to save purchaser?
If he had paid tax........Probably not
If he can be persuaded to pay tax?
Can he brought under the IT scanner?
warm regards
CAclubindia
