A retired Govt. employee gives Rs. 35 Lakh out of His pension amount to Her wife, who is also a govt. teacher and she purchase a plot of Rs. 45 Lakh. Then What will be tax liability of both person during file income tax return?
A retired Govt. employee gives Rs. 35 Lakh out of His pension amount to Her wife, who is also a govt. teacher and she purchase a plot of Rs. 45 Lakh. Then What will be tax liability of both person during file income tax return?
Thanks madam for your reply,
In this case it would be necessary to show purchase in income tax return ?
No need to disclose such purchase in ITR provided the total income is <=50 lacs in the year.
Gupta Sachdeva & Co. Chartered Accountants
New Delhi
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