Home |Tax returns filing | I have sold my plot of 500 sq yds in April 2021 for Rs 37.50 lakhs and I am a senior citizen. Do I have to pay income tax as I have no income except from GST sales in business as manufacturers?

I have sold my plot of 500 sq yds in April 2021 for Rs 37.50 lakhs and I am a senior citizen. Do I have to pay income tax as I have no income except from GST sales in business as manufacturers?

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Subin VR Subin VR, Chartered Accountant,FCA, DISA (ICAI) verified
Answered on October 09,2021

To know your tax liability more details about your property is required, viz date of purchase, amount of purchase etc. If your capital gain and business income for the FY 2021-22 is more than Rs.2.50 lakhs you are required to file your IT returns.

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