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DEEPA DWIVEDI (family Business)     27 September 2014

Property distribution v/s income tax authority

i have 4 brothers , after my parents death , since my parents had not prepared any will that's why we distributed property among us . while distributing every one gets movable and immovable assets.

My question is , as i have got cash , jewellery , gold , gold coin as movable asset directly in my hand , since the cash , gold and other movable asset were in my parents home , it was not deposited by my parents any where, they hold it in home , therefore we got directly in our hand . then if i use that money for investment in movable or immovable asset , will i have to face any problem ?
Will i have to proof IT department from where did i get that money /gold ?
if yes then what should i do now ...

How to handle that money because it is not earned by me , how will i tackle IT Officer if they have an issue ...
Please experts , suggest me ... what should i do now ?



Learning

 4 Replies

prakash chandra jain (proprietor.)     27 September 2014

mr.deeep. if you have received unaccounted movables liable toincome tax, you have to get assessed for its value which you can not keep. pay its capital gains. after that you need not worry.-prakash chandra jain advocate indore.phone no-09479848437

DEEPA DWIVEDI (family Business)     27 September 2014

ok sir . thank you very much . i will be in touch with you soon

Sudhir Kumar, Advocate (Advocate)     28 September 2014

It is funny that you are calling it as unaccounted money (on other thread) . though it is "baap ka maal" called commonly.

 

You might be having some documents of distribution.

DEEPA DWIVEDI (family Business)     28 September 2014

@sudhir sir , you are a excellent interpreter . but i was not looking for what you offered me , salute for your thought .


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