Opening Capital

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Mahesh Bansal (Querist)
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15 March 2010 Hi to all,

Example:
From past 3 years i am earning salary of Rs 75000/- p.a. So i have not filed any ITR for these years. Now i am recieving a salary of Rs 100,000/- p.a. and income from other sources of Rs. 80,000/- p.a. Hense i ahve to file ITR for this year. My annual expenditure (personal) is Rs 40,000/-. Can i show my opening capital of Rs 105,000/- in my ITR for this year? Will there be any tax liability on such capital?

Plz Suggest

Regards

Rasesh

Rasesh (Expert)
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15 March 2010 No. There would be no tax on opening capital. However, interest on investments would be taxable.

Mahesh Bansal

Mahesh Bansal (Querist)
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15 March 2010 Thanks

Mahesh Bansal

Mahesh Bansal (Querist)
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15 March 2010 Thanks

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