Gold purchase with black money
ravali (intermediate) (38 Points)
11 November 2016
CA Pratibha Sharma
(ACA, ACS)
(357 Points)
Replied 12 November 2016
if this money is more than 2.5 lakhs and you do not have source of income. then u have to pay tax on that money and 200% penalty on that tax. purchase of gold from bank/ cheque does not matter here.
Udgam Koomar
(Tax Technologist)
(1949 Points)
Replied 12 November 2016
High chances that IT authorities will be at your premises.
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