Doubt about cash credit from ancestral property

He can do so . when in course of scrutny  question will be asked by AO he has to show the details like transferdeed of property . and proof that the property owner was his relative and he and others have distributed the sale amount in agreed ratio.

In respect of ancestral property he should compute the Capital Gains/Losses  in respect to his share and show the same in his return. He can credit the proceeds to his Capital Account then.

Agree with Mr.Paras

Regd

Lovenish Bansal