Regarding income tax

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)
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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)
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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)
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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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