CA Pratibha Sharma
(ACA, ACS)
(362 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.
CAclubindia
