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Jai Prakash (Pgm Mgr)     19 March 2013

Self acquired property

Hi,


Person A has purchased property in his name using income generated from his business.  In the tax submissions over the period before and after the purchase of the property, this person has declared certain income as his share of HUF agricultural income in the overall income for tax computation purpose.

Now, my question is on this property purchased by person A, will it still be considered self-aquired?

Are there any specific aspects to be kept in mind while considering a property as self-aquired?

Thanks



Learning

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