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Fixed assets of past income

This query is : Resolved 
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(Querist)
22 November 2016 IF ANY INDIVISUAL ASESSE WHO HAVE GET AGE OF 50 YEAR
HE WAS NOT HAVE ANY TAXABLE INCOME (ALWAYS IN TAXFREE SLAB) BEFORE 2014-15
AND NOT FILE ANY INCOME TAX RETURN BEFORE 2014-15
AND HE HAVE MADE AN HOUSE OF RS. 10 LAKH BEFORE 2014-15 WITH HIS PAST SAVING

NOW HE WANT TO FILE INCOME TAX RETURN FROM FY 2014-15
SO QUESTION ARISE WILL ANY TAX LIABILITY ARISE ON HIS CURRENT ASSET ? ( HOUSE OF RS. 10 LAKH ) THAT HE HAVE ALREDY MADE BEFORE 2014-15 FROM HIS SAVING FROM THOSE INCOME WAS UNDER TAXFREE SLAB
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
22 November 2016 No questions will be asked for buying property of 10 lacs. If at all asked say it is from past savings. You will not face any problem don't worry.
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monika

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monika (Querist)
22 November 2016 THANK YOU SIR
FOR YOUR REPLY
ONE MORE QUERY SIR
IS THERE ANY LIMIT TO HAVING ASSETS TO THOSE ASESSE WHO HAVE NOT FILE ANY IT RETURN YET
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CA Amrita Chattopadhyay

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CA Amrita Chattopadhyay (Expert)
23 November 2016 For the payment of property tax, the limit is Rs.50 lakhs
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