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unsecured laon and valuation of old gold

This query is : Resolved 
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(Querist)
20 October 2010 hi friend
my mother-in-law sale a old gold of rs. 20,00,000/-(Rs.twenty lacs) that gold receied by mother to mother-in-law approxly this gold old 35th year no any bills of purchase that we would calculate of this gold for purpose of income tax.

my friend a businessman and he received a unsecured laon by cheque of Rs. 1500000/-Rs.fifteen lacs before three years without interest from friends. He want not paid for next four years can he do or not or any income tax panelty he have under audit as per income tax act 1961 because gross sales Rs. 60 lacs
please reply and send to my email
email: ashok_advocate@yahoo.com
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Abhay Gujarathi

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Abhay Gujarathi (Expert)
22 October 2010 1. valuation as of gold as on 01/04/1981 should be takent to calculate C. G. Provided all C.G condition satisfied.

2. In my opinion there is no penalty. Yes your friend can repay after 4 years
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