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Filling of return if purchased land

Others 283 views 5 replies
Hello
Am I required to file IT Return if I have purchased a part of land last year?

and will also be purchasing another part shortly(from savings majorly)

I have no substantial incomes (i.e all below 250,000)

Ques 2:- If filed now will there be any penalty for nil return?
Replies (5)

1. Not mandatory.

2. Yes... Rs. 1000/- u/s. 234F of the act, if gross total income exceed BEL....

thank you sir
Not mandatory to file return.

No penalty at all....... if your income is less than 250000/- (before considering any chapter VIA deductions that is 80C 80D. 80TTA etc).
sir please provide reference to your answer
Section 234F read with section 139 (1)


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