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I-T asks SRK to pay tax on villa gifted by Dubai Company

Source : PTI
Last Updated: Mon, Jan 10, 2011 09:24 hrs
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Mumbai: The Income Tax department has issued a notice to Bollywood actor Shah Rukh Khan asking him to pay tax on the Rs 17.84 crore villa in the UAE, I-T sources said today.

He received the villa as a gift from a Dubai-based company during assessment year 2008-09 for promoting a real estate project.

In April 2009, Khan had filed returns declaring income of 126.31 crore for assessment year 2008-09. He said his income was from house, property, profession, capital gains and other sources.

The actor also included Dubai's signature villa in the returns, which is a part of The Palm, Jumeirah, as a gift given to him by Nakheel Public Joint Stock Company (NPJSC) on September 16, 2007.

According to the I-T department, the villa received by Khan under a gift deed from the Dubai-based company was in return for lending his name to promote the company. The department assessed that the villa was taxable and a notice was issued to Khan in November 26, 2010.

However, the actor replied saying the gift did not constitute his income from business or profession. The company also submitted a letter to the I-T department in October 2010, stating that Khan had not provided any professional services, I-T sources said.




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