Income tax query, plz help..

I don't  think practically there is any need of paying income tax,

But theoritically no the person will not be considered as Super senior citizen ,

so no 5lk exemption

Mr X cannot be considered for Super senior citizen, for the previous year 2011-2012

In the proprietery concern Properter purchase house propery in the F.Y.2008-09. As per his Balance Sheet showing advance paid to M/s XZY till  it is showing advance during the year when I ask about he told me it is an property Investment and the F.Y 2011-12 I sold that property. any buy new one. My Question is In the F.Y. 2011-12 how I can close said entry and what about 4 year Depreciation if we book in Fixed Asset?

Regards

Prakash

In the proprietery concern Properter purchase house propery in the F.Y.2008-09. As per his Balance Sheet showing advance paid to M/s XZY till  it is showing advance during the year when I ask about he told me it is an property Investment and the F.Y 2011-12 I sold that property. and buy new one. My Question is In the F.Y. 2011-12 how I can close said entry and what about 4 year Depreciation if we book in Fixed Asset?

Regards

Prakash

i didn't think so,,, Bcoz he has passes away before he completed 80 years,,, he cant enjoy the super senior citizen, only if he completed 80 years,,,, not before that,,,so return may be filled by legal heir,,

Originally posted by : prakash panchal
	In the proprietery concern Properter purchase house propery in the F.Y.2008-09. As per his Balance Sheet showing advance paid to M/s XZY till  it is showing advance during the year when I ask about he told me it is an property Investment and the F.Y 2011-12 I sold that property. and buy new one. My Question is In the F.Y. 2011-12 how I can close said entry and what about 4 year Depreciation if we book in Fixed Asset? Regards Prakash

I think there is some mistake taken place in the financial year 2008- 09,why the advance account involve in this case,,so first of all we have to rectify the same,,,advance account regardsthis  HP  becomes nil balance,,,u've to ask ur client whether he get the title or not,,,if he didn't get the title means tha above question will not rise,,,otherwise do the first point and continue the regular procedures,,,