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Tax liability in zero investment of a property
20-Nov-2024 (In Property Law)
My self and my son are the owners of the property which is solely purchased by me. My son is a student and not yet earning. Is is requires to file ITR return.
The value of property is 55 lacs
If your son's PAN linked with Aadhar (UIDAI) card shows any entry for the financial year, in data of Bank as well as compliance portal of income tax department website just because his PAN was flagged in one of the real estate transaction, then it's wise to file a nil return as well. If you can spend 55 lacs after property and pay another 2.5 L revenue duty to the govt over and above such cost of acquisition of immovable property, you surely can afford 2500/- fees of a CA. just get it filed under delayed return and pay the penalty as well. This sounds good step. For more details, please check my profile on this platform and connect with me. Adv Soham Desai.
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Adv. Soham Desai
Vadodara | 400+ Answers
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First of all, you need to check the latest revenue records of your father's property. If your father is still listed as the owner, then the will made by him and in case of non-execution of that will, you need to get the inheritance of your father, through which you will be able to enter as a co-owner in the property owned by your father as an heir. And then, until the question of execution of the will is raised by the will holder, you will get ownership of the property as a co-owner. Which will be the best legal way to achieve your intentions.
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Adv. Vivek Surti
Surat | 25+ Answers
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