Suppose Ram, 19 year old male person have made investment of RS 10 lac in Residential flat in FY-2014-15 and the registry of the flat has also been done in his name in the same year..
The investment of rs 10 lac was made through a/c payee cheque..
Ram didnot have any bank balance and cash balance in his balance sheet prior to the investment because he has just now got pan card.. In the year 2014-15 he got cash money from some where (CASH INCOME/UNDISCLOSED INCOME) and deposited the same into the bank and made payment of the flat.
Now Ram is ready to file his income tax return and also ready to pay tax if any for the source of income..
So now what should Ram do sothat the investment of rs 10lac can be shown in actual and also what the source of income should be shown sothat he doesn't fall into problem for income tax purpose..Ram doesn't have any sufficient proof for that 10 lac rupees ..
so what Ram should do now to file income tax return..
ASSUME: Ram can't take any help of his parent's/any one's Income tax file for cash income / gift treatment..
CAclubindia
