Income tax

Sir, My Question is, My Client has purchased a Agriculture Land for Rs. 388500/- in 2003, entered into development in March 2008 by an advance of Rs. 1,15,00,000/-. Later got his share in 2011-12 FY and received part of the consideration after deducting advance in 2011-12 FY and balance in 2012-13 FY. In which Year I am liable to pay tax and how much.

There is no limit to credit card spending in so far as income-tax law is concerned.

@Charanjeet Singh: What is income tax doing with spending?, It is your capacity to spend but source of income is the concern of the income tax department.

Income tax department monitors not only income but also acquisition of property, jewellery etc and also luxurious spending. The principle is one cannot spend if one has not income. If one spends lavishly which is not reflected in the returns submitted by him/her, income tax department can ask you to justify the income. Madam Jayalalitha, among other things, lavishly celebrated the marriage of her adopted son. The case against her is expenditure and wealth disproportionate to her known sources of income. A few years back if one travelled abroad it had to be reported to the income-tax department.