Dear All I have bought a under construction flat in Oct 2019 with my wife as first holder and me being second and taken a loan on my name as I am working. Got a querry from income tax on non filing of returns on my wifes name with underlying querry of this property being purchased on my wifes name... Kindly suggest as builder has deducted TDSwgic I suppose showing in my wifes name . Querry I got on 26th march via SMS and last date is 31st march 2021 for AY 19-20....i have already replied on querry on compliance portal..
- Please check what is the source of information i.e. TDS return or SFT. If it is TDS, builder can rectify his TDS return with your PAN and TDS will rectify on your PAN instead of wife. As the property is entirely financed by you so you will be treated as owner of the property under the income tax act. If it is from SFT, you can write the facts in description.
Please take phone consultation for detailed discussion.
Hi
This must be reporting from registration department. If your wife's income is below 2.5 lacs, she doesn't need to file ITR.
However, ITR may be filed on a voluntary basis.
I would recommend to book a consultation and discuss the same in detail.
https://www.taxontips.com/tax-notice-personal-consultation/
