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Ravishankar (Assistant)     06 May 2009

Sale money tax implications

Hello friends I have lots of queries and hope to get sound advice from you, I am working on contract basis in one govt organisation, my gross pay comes to around 5K per month, and you know that my pay is not eligible for income tax, but since 2004 I am having a pan card, I am having three bank accounts and have given my pan card in only one account, the rest two accounts I havent given pan card. Now i know dont know what will happen if I give my pan card, because since 2004 i havent filed any return, because I dont earn to that limit and in my bank account where i have given pan card, I receive money from my sister who works in US, so the balance is sometimes over 1.8 lakh, and so on, now we are a middle class family and dont know much about tax, and some people do lots of frauds n have lots of black money, now after the death of my father, we have decided to sell our house for 24 lakhs but the purchaser wants to give some money in black, so if we decide to deposit the black money then we need to give pan no as it gonna be more than 50 K and for deposits above 50K the bank needs pan card no,, also I am working in 5K salary range and my mother is housewife, receiving pension of my dad. now since we havent really done anything abt income tax and when we sell this property we will get 24 lakhs , can anyone tell me what to do with it , because we plan to buy house in our hometown with it, so how to transfer the money from state to state with less fees and sicne its our earned money through sale of house will there be any tax implications in it, because we told purchaser to give dd for the rest of payments nad yesterday i deposited around 2 l in my bank account which has pan card no given,, so can I be questioned by I tax people,, also please tell meupto what amount can we deposit in bank without getting any tax,, as its our hard earned money,,

pls tell me that whether do my mom also needs pan card coz she is housewife, and 63 yrs old,, because while depositing money if the bank asks for pan card     we cant show pan card, also since 2004 i just have given my pan card no to one bank account,, and dont know whether tomorrow will it pose any problem,,

one more question can we withdraw more than 50 K without showing pan card from our own account..also as the buyer works in municipal corporation he seems to have lots of black money, but we want to do maximum in white moeny, as we never earned so much,, n are simple people, kindly do advise us,, as im too young n hav got no one for advice, ;(

 

 



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