Query from income tax
rajesh singal
(Querist) 05 December 2016
This query is : Resolved
Dear Experts,
I bought a property in 2003 on cash payment of Rs xxxxx though sale deed. This sum was payed through personal savings accrued over time( 2-3 years) from withdrawls from bank which were kept at home. Now Income Tax has asked to prove source of fund of this property. My IT return for assessment year 2004-05 too reflects that i had an income from salary much more than the amount for which i bought the property and i had a bank balance more than xxxxx purchase price at the time of buying property.
Please guide how to answer the query from income tax.
adv. rajeev ( rajoo )
(Expert) 05 December 2016
You have withdrawn the amount from the bank, so you need not to worry. You produce the passbook for having withdrawn the amount and purchased the property.
Rajendra K Goyal
(Expert) 05 December 2016
Have services of professional for attending the tax departmentquery, they would satisfy their query within applicable legal provisions.
R.K Nanda
(Expert) 06 December 2016
contact tax lawyer.
Kumar Doab
(Expert) 06 December 2016
Your counsel specializing in I Tax matters can help you.
Siddharth Dev
(Expert) 06 December 2016
You have to show the proximity of withdrawal of money when you bought the plot and that transaction you have to show to the income tax officer
