Urgent
Hi, an individual who has no income and who never filed returns is now purchasing a land with stamp duty value of Rs. 900,000 out of savings and hand loan. Will he be subjected to any income tax scrutiny?
Please reply ASAP.
Thanks in regards
Replies (1)
Please clarify on the following points
1. No income or no taxable income?
2. What is hand loan?
Regarding income tax scrutiny, if AO is of the opinion that the there is any discrepancy then there may arise a case. However if the assessee is able to prove the AO regarding the income and applications of funds, then there is no issue.
Recent Topics :
- Bill-to-ship-to material at client site, project c
- Export previously now to be considered domestic sa
- Pan surrender via online
- EPFO Portal Issue – Unable to Save Employee
- Plant & Machinary
- ITC reversal after supplier amended the recipient
- GIFTS TO USEFUL CONTACTS ON FESTIVALS INCOME TAX
- INTEREST ON REFUND OF TDS
- Input tax claim related
- User not found in MCA portal
Related Topics :
CAclubindia
