Tax implications on gold purchased for rs 1 cr in mcx site

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Querist : Anonymous

Querist : Anonymous (Querist)

11 May 2013 Hai sir i purchased Gold for Rs 1 Cr In MCX site Am i Subject to any Audit And wt Are the Tax Implications On that

Thank You

TKKKKKK

TKKKKKK (Expert)

11 May 2013 Who is eligible for Tax Audit?

1) Any Assessee (Individual, Firm, Association of Persons, Body of Individuals, Hindu Undivided Family, Company, Trust, Charity etc.) carrying business or profession who satisfy either of the below two conditions are required to get their books audited u/s 44AB

a) If total sales, turnover, gross receipts from business exceeds 60 lakhs (1 crore from 01-04-2013) in the previous year OR

b) If gross receipts from profession exceeds 15 lakhs (25 lakhs from 01-04-2013) in the previous year

now question is that what is ur source of 1 cr rupees which u have invested in gold.
If your business turnover is less than 1 cr than u are not required to make ur accounts audited.

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