Property Purchase Tax: The Income Tax Appellate Tribunal (ITAT) of Mumbai Bench has ruled in favor of a woman. The Income Tax Department had added Rs 80 lakh to the woman’s taxable income because her husband had sent this amount directly to the account of the property seller. The woman’s husband works in Dubai and he had made this payment on her behalf through official channels.

The Income Tax Department’s Insight Portal revealed that the woman had purchased a property worth Rs 1.40 crore in the financial year ending March 31, 2016. This portal monitors financial transactions and helps in identifying tax related issues.

Department raised questions on Rs 80 lakh

During investigation, the Income Tax officer admitted that some payments for the property were made from the woman’s Indian bank account. But questions were raised on the amount of Rs 80 lakh which her husband had sent on her behalf directly to the account of the property seller.

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The woman’s husband had transferred a total of Rs 80 lakh directly to the vendor’s account in two installments of Rs 40 lakh each through Dubai Exchange Bureau. Since this amount was not transferred from the woman’s bank account and she could not show the remittance records of the Exchange Bureau, the Income Tax Officer considered it as hidden money under Clause 69 of the Income Tax Act. This meant that more tax could have to be paid on this amount.

What did the woman tell the court?

After this the woman reached ITAT. He said that the source of the entire amount of Rs 1.40 crore is clear and for this he has given all the necessary documents. The woman submitted the registered sale deed, gift deed made by her husband, husband’s affidavit, bank statement and other documents. This proves that the payments of Rs 80 lakh were made by her husband on her behalf.

During the hearing, ITAT said that the Income Tax Department neither raised questions on the husband’s identity nor his financial capacity. The department also did not rule out that Rs 80 lakh had reached the seller’s account. Also, no question was raised on the authenticity of the gift deed, affidavit and other documents.

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The court ruled in favor of the woman

Considering all these things, ITAT gave its verdict in favor of the woman. The tribunal said that Rs 80 lakh cannot be considered as hidden investment merely because there is no record of Dubai Exchange Bureau. Tax experts say that ITAT gave the right decision in this case considering all the evidence.

This time, Bhojpuri superstar Khesari Lal Yadav has entered politics, adding a touch of glamor to the Bihar Assembly elections. Rashtriya Janata Dal (RJD) has made him its candidate from Chhapra assembly seat of Saran district.

In the affidavit filed during nomination, Khesari Lal Yadav has declared his total assets as Rs 24.81 crore. Actually, his wife Chanda Yadav was going to contest from this seat, but now Khesari himself has entered the fray.

How much property does Khesari own?

According to the affidavit, Khesari Lal has movable assets worth Rs 16.89 crore and immovable assets worth Rs 7.91 crore. Whereas, his wife Chanda Yadav has movable assets worth Rs 90.02 lakh and immovable assets worth Rs 6.49 crore. The total assets of both of them together is more than Rs 25 crore.

Which luxury cars does Khesari own?

Khesari Lal Yadav has a luxury car worth Rs 3 crore, several bank accounts and gold jewelery worth Rs 35 lakh. At the same time, he has Rs 5 lakh in cash and his wife has Rs 2 lakh. He was given the ticket just a day after joining RJD. While filing nomination on Friday, he said that my heart has always been with RJD, now I have come into politics to serve the public.

Has worked in more than 100 films

Khesari Lal Yadav has worked in more than 100 films so far and has given his voice to more than 5,000 Bhojpuri songs. Voting is to be held on November 6 in the first phase on Chhapra assembly seat, where the contest has become more interesting with the arrival of Khesari Lal Yadav.

journey from poverty to shine

Khesari Lal Yadav also shared the story of his struggle. He told that his father Mangroo Yadav used to sell goods on street vendors during the day and work as a security guard at night. Khesari Lal himself used to graze cattle and sell milk in his childhood. After going to Delhi, he and his family earned their living by selling ‘Litti-Chokha’. Gradually his hard work bore fruit and today he is counted among the most successful and popular stars of Bhojpuri cinema.