Reassessment Nonfiling of returnPurchase of immovable property

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The Tax Publishers Reassessment--Non-filing of return--Purchase of immovable property Query (First) Notice under section 148 of the Income Tax Act, 1961 has been received by my client asking her to file return of income since 26AS shows purchase of 2 properties for fifty five lakhs and thirty lakhs (One crore ten lakhs and sixty lakhs jointly with her husband. The houses have been purchased by her husband in their joint names - her share can be considered as gift to wife Loan of 80 lakhs has been taken on the first property. It has been repaid by her husband. Income tax rebates under section 80C and 24(b) have not been availed by either of them. She has no taxable income for the year and did not have any income for the previous years also. SUBSCRIBE FOR FULL CONTENT

The Tax Publishers

Reassessment--Non-filing of return--Purchase of immovable property

Query (First)

Notice under section 148 of the Income Tax Act, 1961 has been received by my client asking her to file return of income since 26AS shows purchase of 2 properties for fifty five lakhs and thirty lakhs (One crore ten lakhs and sixty lakhs jointly with her husband.

The houses have been purchased by her husband in their joint names - her share can be considered as gift to wife

Loan of 80 lakhs has been taken on the first property. It has been repaid by her husband. Income tax rebates under section 80C and 24(b) have not been availed by either of them.

She has no taxable income for the year and did not have any income for the previous years also.