If i get some money through relatives ... then ?

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This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

20 September 2014 Hi experts ,

If i receive cash on special occasion or on my birthday or through my parents or my parent's in law on my birthday then should i also demand for written note in which i should advice him to write on a paper that they are giving some money as a gift so that i will not have to worry about that money in future if i use that money in future ...

suggest me what should i do ?

Nikhil Kaushik

Nikhil Kaushik (Expert)

20 September 2014 atleast keep a record of the amounts so received date wise and the name of the relative who gave it

Querist : Anonymous

Querist : Anonymous (Querist)

20 September 2014 how long will i have to keep that record , is there any limit ?

Nikhil Kaushik

Nikhil Kaushik (Expert)

20 September 2014 atleast 7 years from the end of the year in which monies where received.

Querist : Anonymous

Querist : Anonymous (Querist)

20 September 2014 then sir , if i received money as a gift 20 years ago , then ... ?

if a person/persons is/are no more who gifted me that money .( they are my parents )

Nikhil Kaushik

Nikhil Kaushik (Expert)

20 September 2014 dont worry about things that far back in past...

Querist : Anonymous

Querist : Anonymous (Querist)

20 September 2014 then sir , what will be my ans to IT officer if they ask to me from where did u get these money if i buy something from that money so many year before.

I mean , if something done in a past , now it is impossible maintain a record for a 20 or 30 year long time . but with the hep of that gift (money ) i purchased something then what will be my ans if someone ask at present ? should i narrate whole story ?

Nikhil Kaushik

Nikhil Kaushik (Expert)

20 September 2014 you have to narrate the actual story. and are you telling me that you kept cash for last 20 years..the same very cash and now you are using it?

Querist : Anonymous

Querist : Anonymous (Querist)

20 September 2014 no sir . that cash was utilized by me 15 years ago . i purchased a piece of land .

Querist : Anonymous

Querist : Anonymous (Querist)

20 September 2014 in 1980's era , the price of land was very cheap . i decided to buy a land . i was saving money which i got as a gift . After some year i decided to invest in a property .

Querist : Anonymous

Querist : Anonymous (Querist)

20 September 2014 in 1980's era , the price of land was very cheap . i decided to buy a land . i was saving money which i got as a gift . After some year i decided to invest in a property .

Nikhil Kaushik

Nikhil Kaushik (Expert)

22 September 2014 so why are you worried? just relax..

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