a friend on mine purchased land for Rs 450000 and she do not have any income ....... how she can show that money in income tax dep when she sell that land ??
any way to show that money ?
Ankit Agarwalla
(CA)
(281 Points)
Replied 15 December 2010
I don't think i got your question completely, but 'll give it a try.
You don't know to show anything now, the only disclosure would be required at the time of sale. As regards the source of money, what is the actual source? Did she take it from her father/family?or was it a part of her accumulated income? Whatever it be, you needn't worry about the source unless asked for specifically in a notice from IT Deppt(if any is received after submission of return of income in the year of sale)
CA Manikandan.A.V
(FINANCE & ACCOUNTS)
(789 Points)
Replied 15 December 2010
If the source is from her family, make a gift deed. It is not necessary to explain the source now. It will be better to create the deed.
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