Lalamusa returns often combine remittances, rent, farm income, salaries and property transactions. This page explains how each is reported.
Remittances
Money from family members in Europe or the Gulf, received through banks, is shown as receipts in the wealth statement of the person who receives it.
Rental Income
Rent from houses and shops is declared, with withholding by company tenants claimed.
Property Bought and Sold
A purchase is shown at cost in the wealth statement, with the advance tax paid under section 236K claimed where adjustable. A sale is reported with price, cost, gain and the seller's advance tax under section 236C.
Farmers
Wheat and rice from family land are agricultural income.
Railway and Government Employees
Salary and withholding are copied from certificates.
Small Businesses
Shops and workshops show sales, purchases and expenses, with stock at 30 June.
Wealth Statement
Every asset at 30 June, including property held for relatives only if actually owned by the filer.
Gifts and Weddings
Gold and cash given at weddings by relatives abroad belong in the recipient's wealth statement with a note of who gave them; gifts from close relatives are generally not income.
Foreign Pensions
Returned migrants drawing pensions from Spain or Italy declare them under the rules on foreign income for the year.
Shopkeepers Near the Station
Shops around the railway station and main bazaar show sales, purchases and stock, claiming the advance tax on electricity bills.
Also see tax consultant in Lalamusa and NTN registration in Lalamusa.
Frequently Asked Questions
Do I show a house I hold for my brother abroad?
Only the true owner shows it; records should reflect actual ownership.
Is advance tax on a property purchase adjustable?
It is claimed where the law allows.
How do I report a property sale?
With price, cost, gain and advance tax paid.