I am 57 years old.I dont have any income and my son supports me.I owned a commercial shop which i sold it for 12.5 lakhs.The stamp value of that shop was 2.5 lakhs ,therefore in the sale deed and other related documents the sale consideration is mentioned as 2.5 lakhs.I had purchased that property in 1992 for 2000 rs.I have never filed any income tax return in the past.
I asked the puchaser to transfer 2.5 lakh to my married daughter and for rest of the amount i.e 10 lakhs i am in a fix as to how to recieve it.Shall i recieve it in my bank account through cash deposit or rtgs?...
I dont want to pay any capital gains taxes or tax of any kind. I have a saving account with zero balances with Sbi.I neither have income and investments nor any liability to pay off like loans.
Will keeping the money in his sons, daughter and wife’s bank accounts separatly avoid taxes?..
Please help..
CAclubindia
