Shah Rukh Khan’s Dubai Villa Faces Ire Of IT Department
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 Bollywood superstar Shah Rukh has come under the wrath of Income Tax
department. King Khan had been gifted a villa in Dubai by the Nakheel
Public Joint Stock Company (PJSC). However, this gift has become a
problem for the star as I.T department is not ready to consider it as a
gift.
According to the I.T department, SRK received this villa in
return of lending his name for promoting the company. So, it cannot be
considered as a gift and will be taxable. In 2008-09, when SRK paid
126.31 crore as his income tax return, this property was shown as a
gift.
The I.T department issued a notice against King Khan saying
that he will have to pay tax for this Signature Villa at the Palm
Jumeirah, which is worth Rs 17.84 crore. PJSC gifted the villa on
September 16, 2007.
However, after scrutinising the returns of
SRK, the I.T department has strongly said that it will be taxable and
the actor will have to pay penalty for hiding the accurate income. But
Shah Rukh is still maintaining that the Signature Villa does not come
under his income, according to the provisions of Section 28(IV). He said
that the income was from his profession, house, property and capital
gains.
On November 26, 2010, SRK was issued a notice in this
regard from the I.T department. Nakheel also submitted a letter on
October 2010, saying that it was not given for any professional
services.
Now, it will be interesting to see if SRK can come out of this trouble!
Sampurn Wire
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