Legal Question in Real Estate Law in India
Sir,
If anyone income/year is above 2 lakhs, he should be liable for income tax as I know. But, for an instance, If an income from source 1 (salary) is less than 2 lakhs, and an income from another source (house property) is also less than 2 lakhs, but the combined income exceeds above 2 lakhs. In this case , the combined income (source 1 + source2) is taxable ? Or source 1 and source 2 is treated separately, and is not taxable ?
Asked on 9/03/12, 2:09 pm
2 Answers from Attorneys
RAJIV GUPTA
(Cell: +91 9811284735) [email protected]
yes, the combined source exceeding tax exemption limit is taxable.
Answered on 9/03/12, 8:47 pm
Shrichand Nahar
S.V.Nahar, Advocate
All incomes of 1 person are to be considered together.
Answered on 10/14/12, 11:48 pm
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