Response -summon to assessee under section 131(1)/(1a)/37/36

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

25 February 2018 I have received a summon from the income tax department under section 131(1)/(1A)/37/36. They are asking me to submit the detail of investment and source thereof in bitcoins for the past 6 years. I have not been working for the last 3-4 years and my family is supporting me. I am not sure what to do in this case. Can someone help please.

Thanks,

CA Ashish Agrawal

CA Ashish Agrawal (Expert)
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25 February 2018 Have you actually invested in Bitcoins or the facts mentioned in the notice are incorrect?

Nikhil Kaushik

Nikhil Kaushik (Expert)
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25 February 2018 all you need to do is to compile who all have given you money and quantify the same year wise. As long as the money has come from family members, there is nothing to worry. In case you have invested in bitcoins and have realised gains, make sure you provide the details for the same. Don't worry about the unrealised gains.