Taxable income.



Hello,

I am thinking of buying a commercial property within next 2 months (before march 31) and my question is that if my total income at the end of the year is 20 lacs and I buy a commercial property for 10 lacs and I am left with 10 lacs. Would I be paying tax on the whole 10 lacs since commercial property is a fixed asset or do I have to pay tax on the whole 20 lacs.

 
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Student CA Final

Tax on total income tax i. e Rs. 20 lakhs... Buying property from that money is no relevance... Income has been arrived after deducting of all expenses in case of pgbp... That is ur investment
 
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