No one replied to the following questions when i posted this query 2days back but there were around 200+ Hits to the topic ! Is these simple questions challenging you ? think where you stand when it comes to practical approach, Please answer me anyone, atleast express your opinions as we see in audit reports !
1) An individual assessee has only profits from business of8,00,000 in a F.Y, The assesse spends around 6,50,000 for his personal maintenance out of the above profits only !! viz Food, Cloth and Shelter ( Roti,kapda,makhan) Does this assessee need to pay tax ?
2) An assesse has Income from other sources4,00,000 and Assessee's father has agriculture income of 20,00,000
does the agriculture income to be clubbed in the hands of assessee ? would your answer differ if Land is titled in the name of assessee ? Does the title of property plays an role to tax the assessee ?
3) Assessee found Gold while digging the land worth 20,00,000 ! Does the taxation provisions apply ? does any other state laws applicable to such instances ?
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