Disclosure of 20 lacs after 20 years at 1 lac per annum?

You cannot show savings of 20 years based on your assumption. First question will be asked is what is your source of income which is resulting into savings.

It is better to get a pan card and filling your return.

Originally posted by : venkatesh
	You cannot show savings of 20 years based on your assumption. First question will be asked is what is your source of income which is resulting into savings. It is better to get a pan card and filling your return.

so, i should apply for pan on my wife's name first, Then create an income source for her (say gifts,other income etc..)  and start showing this amount in bit  by bit year after year? ....I can always add up a HUF with her,isnt it?

thank you mr venkatesh.

But coming round about to the same point, Is thr any method where i can declare 20 lacs in one go, If i get some  convincing source ofincome for my wife , which has fetched her 1 lac for past 20 years? say some agricultural bills ,gifts etc...which i can declare . And does this declaratuion invite any penality of charges under tax ?

If you show as gift, then you have to show the source of gift. If you are able to show source of gift then this is the best way

Rather than filing return, form a firm in her name and show capital infusion in that. Question will be asked from where did the capital come from. You can always convince that she had received during marriage as some part.

If its upto 5 lakhs there would not be any issue. 20 lakhs is quite a big amount to shown in one go.

You can also show salary paid to her as accountant from your firm as some income to her.

Try to gift her from her close relatives whose return is not filed in small part in the range of 50k to 1 laks so that it willl not be difficult to convince IT if notice is received. and the purpose of gift is to start a business.

thanks alottt. I got it :) . Now can i get some sample firm business types to choose from? I mean which firm can i start in her name?

You can Also Create first Wealth Details containing Gold Ornaments & If Possible file any Wealth tax return showing more than 30lac pay 1% tax or make just valuation deed & sale your gold now this can also be better way 

Originally posted by : CA chirag mehta
	You can Also Create first Wealth Details containing Gold Ornaments & If Possible file any Wealth tax return showing more than 30lac pay 1% tax or make just valuation deed & sale your gold now this can also be better way

 inorder to file this wealth tax,what should i do > can i simply declare this 800 gram gold and pay just 1 percent tax?

sir,  i am ready to declare and pay wealth tax of 1 % . Firstly, i am unsure about ,weather i will have to submit proof for this gold source. Or a simple declaration of gold in possesion is enough with no furthur enquiry expected from taxman.? please guide