Mumbai: Bollywood star Shah Rukh Khan is in trouble again. A ‘gifted’ house brings more woes to the star than joy. A villa reportedly gifted to SRK at Dubai has come under Income Tax scanner following which the department issued a notice against the actor.
The IT department has decided that SRK will have to pay tax for his Rs 17.84 crore Signature Villa at the Palm Jumeirah, Dubai.
The villa reportedly was presented to SRK from Nakheel Public Joint Stock Company (PJSC) on September 16, 2007. The actor in his I-T returns for 2008-09 showed this property as a ‘gift’ from the developer.
He had shown it as a ‘gift’ in his IT returns for 2008-09.
But, after scrutinising Khan’s returns, the department held that the villa was taxable, thereby initiating penalty proceedings against Khan for “furnishing inaccurate particulars and concealing income.
The IT department has alleged that the villa received by Khan under the guise of “gift deed” from Nakheel (PJSC) is actually “consideration in return for lending his name to promote the company”.
But the actor maintained that saying the gift — Signature Villa — “does not constitute his income from business or profession as per the provisions of Section 28(IV)”.