My wife purchased a land worth 1.3 lakh in her name. She is not having any income. Should she file IT returns?

Question

My wife purchased a land worth 1.3 lakh in her name. She is not having any income. she has a PAN card and as there is no income she has not filed the IT returns. The money for the land was arranged by her self through pocket money given by the relatives. I would like to know whether i will be facing any problem (income tax related) when i sell this land after 3 years. Could you please advise.

Answer 1

No, she is not required to file tax return unless her income exceeds the amount not subject to tax which is Rs. 1,45,000 for women for FY 2007-08.

Read

http://mytaxes.in/index.php?topic=32.0

Answer 2

no need

Answer 3

No. not at all.

Answer 4

She need not right now - since there is no income; but when you sell it and if the sale gains (considered Capital Gains) is in excess of the minimum tax limit for ladies in that FY, you will have to file your returns only then...