non pan transactions
I bought residential land in Bangalore on 2014 for 60 lakhs. the land was registered as joint property on me and my wife. As me and my spouse are working we got loan of 40 Lakhs from LIC Housing finance. At the time of registration the seller has paid TDS of 1% to the government.
i did not disclose the property details in my IT Returns.As i thought the property details are to be disclosed if annual salary is greater than 50 lakhs . The LIC housing loan details are also not mentioned in the IT Returns.
On 27th September 2016 i got a notice from Income tax with subject as "non pan transactions" and my registration transaction date and the cost of property is mentioned.
I was asked to respond in the income tax portal with in 15 days
The options under the Response of income tax portal are as below. Please let me know what to select and how to proceed further.
1. Purchase of Immovable property is out of sources diclosed in the Income tax Return
2. Part of the purchase of Immovable property is out of sources diclosed in the Income tax Return as
there are other joint owners
3. Purchase of Immovable property is out of exempt income or income not taxable in india