26-February-2026
Taxation
 
NRI bought Rs 2 crore Mumbai flat, got notice for ‘unexplained money’ — ITAT clarifies tax rule on foreign income
25-Feb-2026

A Dubai-based NRI invested Rs 2 crore in a Mumbai property but did not file an Income Tax Return (ITR) in India for that year, as he had no taxable income here. The Income Tax Department treated the investment as “unexplained money” and reopened his case. However, the Income Tax Appellate Tribunal (ITAT), Mumbai, ruled in his favour, making it an important case study for NRIs investing in India.

News Source:- https://www.financialexpress.com/money/nri-bought-rs-2-crore-mumbai-flat-got-notice-for-unexplained-money-itat-clarifies-tax-rule-on-foreign-income-4153498/?ref=hometop_hp
 
 
 

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