04 January 2013
Dear Sir, One of the assessee who has income always below the exemption limit. In FY 2011-12, he has inherit a residential house after the death of his father. At present market value of this house would be around 35 lacs, which was purchased by his father in 1982 for Rs. 58000/-.
Now I want to clear following points- 1. Whether the return of AY 2012-13 is mandatory to file for him.
2. Whether he has to show that house in his return. If yes, then which part of ITR4, it would be mention.
3. Which amount of house would be mention in return.
Please advise me.
Guest
Guest
(Expert)
04 January 2013
IT return is to be filed when the income exceeds the basic exemption limit. In any other case it is upto the decesion of assessee to file return or not.
Querist :
Anonymous
Querist :
Anonymous
(Querist)
04 January 2013
Please clarify in light of above mentioned case situation.
CAclubindia
