Dear
Please advice me, I am having a house property purchased 12 years ago. It was not shown as even Vacant property in ITR . Now I want to show I.e., after 12 years , in my ITR as Vacant house property. Please advice ? Whether it would attract me to scrutiny ?
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VACANT HOUSE PROPERTY
Replies (2)
If the payments made by you at the time of purchase of the (second) house were out of genuine tax paid capital and through banking channels; no need to worry for its declaration at this point. Even if it attracts any inquire, you can very much satisfy it. For any tax liability of second vacant house rental income, it may not be attracted. Even if so, it won't be that heavy.
But ..............If there is any other matter, better take help of INCOME DECLARATION SCHEME, 2016; Its open till 30.09.2016.
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