Hi to all,
Mr.A who is an assessee of having income below basic exemption limit.He assessed his income 4 years back.He want to purchase the new assesst worth 30 lakhs during the financial year 2013-14.what are tax implications raised on purchase of his asset and what is the process of assessment of his income in next year.
Please clarify the follwoing
1.Is this compulsory to assess his income for last four years.He has income source of salary.?
2.He has an agriculgural land and spends some amt for cultivation then such exp can be claimed for reducing the value of new assesst purchased.?
3.what is the tax planning method to reduce the tax payment if any arised during such purchase of such assesset?
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