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 ?
Menu
help plzzz
Replies (2)
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)
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.
Recent Topics :
- GSTR-9 Table 8A Portal and Excel Issues
- IGST on Commercial Rental Income (Different State)
- Revocation of suo moto cancelled GST registration
- Is there any faculty taking chapterwise test in CA
- Late Fees and Interest
- HDFC Bank’s Bureaucracy: The Nightmare of Fl
- Running a CSC Center, Maha E-Seva Kendra, Setu Ken
- GSTR-9 Table 8A issue
- CA Inter Coaching institutes at Hyderabad
- Looking for practising CA
Related Topics :
CAclubindia
