Senior Citizen Incometax

Share
Share This Thread
  1. XYZ.

    XYZ. New Member

    Sir,
    I am aged 74 Senior Citizen Retired from Best & Cromptons. Since, Nil return is filed upto
    Ay.2010-11 and afterwards no return is in need by Tax Authorities and hence not filed.
    Now, I am in A Block Housing Board Flat consisting of 24 Allottees and 30 years old Building
    Block. Since it is in need of reconstruction, Joint Venture is entered with Builder and Power
    of Attorney is signed by all 24 owners with builder and registered. MOU is to be signed and
    flats to be handed over after verification of CMDA APPROVAL AND PLAN FOR
    CONSTRUCTION. If every thing is Ok, the builder will pay Rs.10Lacs and Rs.16000/= per
    month to each and every allottee and will give fresh flat to all 24 allottees. Primefacie it
    is agreed and if the amount is received what will be the incometax in case of myself.
    Can you give ur expert opinion on this score.
    Regards,
    xyz
     
  2. ZED

    ZED Well-Known Member

    Hello Ramasubramanian Ji,
    Your writing style matches 100% :) Besides I remember the facts of the case in your this particular issue It is exactly the same and I remember most of the details 24 allottees.,,A block ,,, MOU,,, approval from CDMA
    You are treasury of Colony Vinayakar Temple, Mr. Jayavelu is the president. We had lots of discussion, I took your HRA case aswell.
    Hence I am concluding that its you Sir Ramasubramanian . Why going anonymous now?
    (I usually remember all the cases I take, more so when they were special.)

    I did made my point to you earlier and you mentioned that you have put forth that to the team. If the facts haven't changed I am still adamant on my previous viewpoint.
    (Last time the rent was 18,ooo , so this time has it decreased to 16,000?)
     
  3. XYZ.

    XYZ. New Member

    Respected Sirs/Madam,
    I don`t want to hide my name. You are right in all aspects. I have eraneously typed as 18000/= instead of 16000/= If I receive this current financial year if MOU is signed, what will be my tax dues Sir? as a Senior Citizen. Kindly advise me suitably as per tax Laws.
    Regards,Yours,
    M.Ramasubramanian.
     
  4. ZED

    ZED Well-Known Member

    When did the income accrued? Was this treated as a consideration for transfer of property (as originally discussed) or its something else ?

    Sir, kindly do refer to that all discussion we had earlier. It will solve your query.
     
Draft saved Draft deleted
Loading...
Similar Threads Forum Date
Income tax for senior citizen Income Tax Sep 12, 2017
Advice sought for tax exemption of senior citizen Income Tax Feb 27, 2017
Tax liability for a senior citizen if he works as a consultant/contract employee Income Tax Feb 27, 2017
Senior Citizen Interest on FD liable for TDS Income Tax Feb 15, 2017
Tax Saving for Senior Citizens Income Tax Jan 27, 2017