A NON TAX PAYER SENIOR CITIZEN HAS GOT CASH FOR SELLING PROPRTY. HE DOESN'T DEPOSIT IN ANY BANK. AFTER FIVE YEARS HE PURCHASES PROPER OR GIVE TO SON AS A GIFT.
IS HE ENTITLED TO PAY ANY TAX ?
T. Kalaiselvan, Advocate (Advocate) 25 August 2023
If he had not showed this amount anywhere nor he had filed tax returns for this amount anytime then he may have to show the source of income while reinvesting or transferring it as gift to his son also, alternately he can pay taxes for that amount at that time.
Real Soul.... (LEGAL) 25 August 2023
Your query is repeated againm it has been properly replied previously and you should take advise from a tax consultant