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Tuesday, March 9, 2021
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Failed to declare property in tax return

A special team identified that there are around 2000 Indians who have properties outside India but they didn’t declare in the tax. They have house in Dubai and the agency found out that they didn’t declare these details in the tax and when asked about it, they failed to explain the source of money needed to purchase those properties.

If someone has property and they are not declaring it and also failing to explain the source of the money to make those properties, that money will be counted as Black Money. Under Section FA (Foreign Assets) of the Income Tax Act, an individual needs to announce buy and responsibility for, resources, organizations claimed outside the nation while recording the personal expense forms yearly. In the ongoing drive against dark cash, the IT office recognized 2,000 Indian nationals who neglected to give data on the equivalent while documenting IT returns.

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