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?
Ghanshyam Lohar (ACCOUNTANT) (60 Points)
08 May 2021A 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?
CMA Poornima Madhava
(CMA)
(13097 Points)
Replied 08 May 2021
Ghanshyam Lohar
(ACCOUNTANT)
(60 Points)
Replied 08 May 2021
Thanks madam for your reply,
In this case it would be necessary to show purchase in income tax return ?
CA. Sourav Sarkar
(Chartered Accountant )
(24578 Points)
Replied 09 May 2021
CMA Poornima Madhava
(CMA)
(13097 Points)
Replied 14 May 2021
No need to disclose such purchase in ITR provided the total income is <=50 lacs in the year.
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