Hello Everyone,
My mother in law purchased a property in her name 30 years ago.
Her husband had no fixed job and income was mainly from farming and is deceased.
My mother in law used to file IT returns but I am not aware since when. Recently she sold the property as it was farming land no capital gain tax was applicable.
Currently, income tax is asking her source of income for a property purchased 30 years ago.
How can she justify this as there will not be any documentary records of past 30 years.
Is income tax department justified in asking about property procured 30 years ago.
what are rules and regulations regarding such query.
Kindly provide some inputs.
Thanks in advance.
rgds
CAclubindia
