Income Tax Issues
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 Mar 26 2009, 03:47 PM
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#1
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Junior Member
400 posts Joined: Oct 2008 
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hi, just worried if the income tax people will hassle me cuz i just bought some property that may be over what i reasonably can save from the declared amount. how much do they assume you could save from the declared amount? 50%? for example i declare i earn 100k but i buy a house with downpayment 70k would this give them a good reason to question me?
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Mar 26 2009, 04:54 PM
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#2
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Junior Member
400 posts Joined: Oct 2008
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QUOTE(dr2k3 @ Mar 26 2009, 04:08 PM) most likely not...unless u declare 50k...then suddenly u buy a house with 70k down payment i see... the 700k? err, thats for me to know for you to find out 70k down payment means full amount = 700k?   QUOTE(cute_boboi @ Mar 26 2009, 04:41 PM) Even if you declare 100k, but buy a house at 90k cash, LHDN may question how you survive on 10k PER YEAR. It is possible to survive on less than that, but they'll ask you further or for you to prove to them. They may ask further questions like your car loan, your dressing (armani on 10k per year? thanks for the tips... ), etc. If you say pay car cash that you buy last year, then  90k house (cash) + 50k car (cash) = 140k cash > 100k declared income.  |
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Apr 8 2009, 09:17 AM
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#3
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Junior Member
400 posts Joined: Oct 2008
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hi all, is there anyway i could pay the tax by installment or even the credit card?
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