Regarding income tax

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This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

18 June 2017 I had made an fixed deposit of 10 lakh on august 2016 and I had never filled income tax return, not even a single time. How can I plan my tax return legally to avoid income tax scrutiny in future. At this point of time this is my only source of income.

Nikhil Kaushik

Nikhil Kaushik (Expert)

18 June 2017 what is the source of this money you deposited in FD?

Querist : Anonymous

Querist : Anonymous (Querist)

18 June 2017 This is my last two years saving and I had taken 6 lakh from my two brothers(3 lakh each) but they are also a not tax payers, and I don't have any written proof of that also.

Nikhil Kaushik

Nikhil Kaushik (Expert)

18 June 2017 well. you should have the documentary proof to establish the source of the money. Else it is considered as unexplained credits and taxed accordingly

Querist : Anonymous

Querist : Anonymous (Querist)

18 June 2017 Sir, I want to know that how to do the documentation part of that money ,which I received from my brother at that time(in 2016). It should be registered through the notary or simple statement in a plain paper with signature is enough.

Nikhil Kaushik

Nikhil Kaushik (Expert)

18 June 2017 at least the brother should be able to show that he got this money from legitimate sources and the said amounts have already been covered in his taxes. A gift deed is also required.

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