Hi below is tha scenario. Your opinion welcomed.
Actors
1) Radhika (house wife. no income, never ever paid tax)
2) Ramesh ( radhika's brother, college student , no income, never ever paid tax)
3) Lata ( radhika's mother, house wife, no income, never ever paid tax)
4) Dhake (radhika's father, farmer, agricultural income, never ever paid tax)
5) Veronica (radhika's Mother- in law, rental income, pays tax)
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Veronica transfers via bank Rs.3 lacs to => Radhika. she trades in FNO. Turns it into Rs.6,97,500 . Profit of approx Rs. 4lac. from (June 2019 - sept 2019)
Radhika transfer Rs 4.9 lacs to Ramesh(brother). He trades in FNO . Turns it into Rs.9,47,500 . Pfofit appx Rs 4.57 lacs From (sept 2019- nov 2019).
Note:- Now Ramesh returns the 4.9 Lac borrowed money back to Radhika
Question
1) For ramesh: Is the borrowed money (Rs 4.9) taxable for Ramesh?
2) For Radhika: Is the bank statement enough to prove that the Rs.4.9 recieved by Radhika is not any profit but the money that she had lent it to her brother. Or any other paper work needed?
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Now again Radhika lends money to her father Rs.4.9 lac He makes profit in FNO same as above and return Rs. 4.9 back to Radhika via online bank transfer
Note : every thinng happens in the same financial year.
Questions
1) For Dhake : Is the borrowed money (Rs 4.9) taxable for Dhake ?
2) For Radhika: Is the bank statement enough to prove that the Rs.4.9 recieved by Radhika is not any profit but the money that she had lent it to her Father. Or any other paper work needed?
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Now Bother Ramesh and Mr. Dhake transfer their profits to Radhika as GIFT.(i.e Rs 4.57 lac + Rs. 4.57 lac) = Aprox ( 9 lacs)
Now the total Money in Radhikas account is
Mother-inlaw = 3lacs (GIFT to daughter in law)
Radhikas Profit from FNO = 4 lacs (PROFIT)
Ramesh = 4.57lac (GIFT to sister)
Dhake = 4.57lacs (GIFT to daughter)
Total = Approx Rs. 16 lac
IMPORTANT QUESTION : HOW much tax will radhika have to pay and what proof required for th excess money in account to be justified.