Flat purchase
2 years ago
I purchase a flat for which I made 14 lakh INR by cheque. The builder mentioned 50% cash payment against my name in Income tax Department. Now, Income tax Department gave me notice and asking for tax
A.Dear Sir,
Get an endorsement from the builder accordingly and approach local chartered accountant to solve your problem since you have made payment only through cheque and not cash.
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Get an endorsement from the builder accordingly and approach local chartered accountant to solve your problem since you have made payment only through cheque and not cash.
Rate me Five Star*
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A.Hello
You cannot give large sum of money in cash now days because of strict policies of the state. Also if you are doing so then you must able to show from where does the cash come from and have a valid explanation for the same and records of you paying all the income tax.
Thanks.
You cannot give large sum of money in cash now days because of strict policies of the state. Also if you are doing so then you must able to show from where does the cash come from and have a valid explanation for the same and records of you paying all the income tax.
Thanks.
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Ayantika Mondal @ Prime Legal
Responded 2 years ago
A.Hello
For better understanding it would he suggested to contact a chartered accountants or a income tax lawyer. Also you cannot pay a large sum of money in cash now a days you generally get a income tax notice for the same.
Thanks
If you find this advice helpful please rate.
For better understanding it would he suggested to contact a chartered accountants or a income tax lawyer. Also you cannot pay a large sum of money in cash now a days you generally get a income tax notice for the same.
Thanks
If you find this advice helpful please rate.
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A.I purchase a flat for which I made 14 lakh INR by cheque.
Answer: Did you pay by way of cheque then take the bank transaction statement
The builder mentioned 50% cash payment against my name in Income tax Department.
Answer: Did you get any receipt or acknowledgement then keep it safe
Now, Income tax Department gave me notice and asking for tax
Answer: You need to appear as adviced in the notice
Answer: Did you pay by way of cheque then take the bank transaction statement
The builder mentioned 50% cash payment against my name in Income tax Department.
Answer: Did you get any receipt or acknowledgement then keep it safe
Now, Income tax Department gave me notice and asking for tax
Answer: You need to appear as adviced in the notice
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Advocate Sinjari Bandyopadhyaya
Responded 2 years ago
A.Please take note that it is important to know what Sale Consideration had been specified in your registered Purchase Deed and what was the registry office ascertained Market Value,because you had given Stamp Duty and Registration not only upon the value which was higher but you are also liable to pay tax on that higher value.
It is necessary to scrutinize your registered Sale Deed to find out the legal perspective as stated above along with the Income Tax Notice.
It is necessary to scrutinize your registered Sale Deed to find out the legal perspective as stated above along with the Income Tax Notice.
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