A person name Mr. A buys a house property in the year 1993 worth Rs. 3 lacs in cash.
24 years passed now..
but Mr. A has never filed any return of income in his entire life
because after buying the house
he had never has such income to show.
and as he was a illetrate person he also dont know what is income tax and all
now one of his child being a commerce graduate got to know that this is wrong..
now please suggest how to Returned ITR file of both Mr. A and his wife.
the house property ia in the name of Mr. A and his wife..
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old house property
Replies (6)
as per Section 139
every person other than company shall file return if total income exceeds the maximum amount which is not chargeable to Income Tax.
therefore unless a person is having taxable income no need to file any return of income.
every person other than company shall file return if total income exceeds the maximum amount which is not chargeable to Income Tax.
therefore unless a person is having taxable income no need to file any return of income.
sir/mam
but how to show the house in future time?
and how will the person divide or sell the property to any1
but how to show the house in future time?
and how will the person divide or sell the property to any1
When the property is sold the re
in case of division of property the legal hires there is no Income Tax liability.
but when the property is sold, the fair market value as on 1.4.2001 shall be taken as cost of acquisition and capital gain shall be calculated accordingly.
but when the property is sold, the fair market value as on 1.4.2001 shall be taken as cost of acquisition and capital gain shall be calculated accordingly.
Thank u very much for your response it will be helpful
Thank u very much for your response it will be helpful
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