Got black money as part of real estate sale. what to do ?

Dear,

You have to deposit the black money into your bank account failing which your money would be a useless paper. The trasaction sone for the sale of property has to be reportyed in the income-tax return of the next year. Also, you have the option of buying a house property within 2 years or invest your money into specified bonds to calim exemption from capital gains.

So, just deposit the amount and then plan accordingly. Thanks

Sir,

Thanks for the answer.

Another question, what if this transaction was done 4 years ago, and this money has never been deposited into a bank account, and never reported in any income tax return?

Will the same advice still apply ?

In this case, can I still deposit the money into a bank account in current year, and declare the money in current year's income tax return?

Also, will the regular tax slabs apply, or will there be some additional penalty ?

Note : The sale agreement still says that the sale amount was Rs 10 lakhs.

I do not want to evade tax. Instead I want to pay it. Just trying to understand rules and procedures.