Dear Mr. Shrikant
I am working in Thailand. I had purchased Agriculture Land two years back in the name of my uncle .
And i cleared amount to the party (33lakhs) from my NRE deposits. Now i came to know that agriculture
land by any reason cannot be transferred to my name. So I asked my uncle to sell
it to the same party for 36lakhs. He will be depositing 34lakhs to my NRO A/C.
And now i want invest this money in Bangalore to purchase a plot WITH KNS Unnati.
Now i want to know is there any tax i need to pay any where.Or any legal complications.
Also Please let me know : So far i did not submit ITR file( Hence i am working in Thailand last from 10years).
How to start to file ITR.
Thanks with regards
Dinesh
2 Answers
Hi,
The Registrar of properties will have to report purchase & sale of all immovable property exceeding Rs 30 Lakh to the Income Tax authorities. So, if you buy a residential property in Blr which is worth above Rs 30 Lakh, the transaction will be reported to the IT dept.
In case if you receive a notice from the IT dept for non-filing of Income Tax Return, you may have to justify the source of funds for purchasing the new property.
Suggest you to consult a Chartered Accountant, discuss this issue clearly and then take a prudent decision.
Read:
http://www.relakhs.com/how-income-tax-department-tracks-the-high-value-financial-transactions/
http://www.relakhs.com/non-filing-of-income-tax-return-notice-online-response/
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