If i received unaccounted movable assest

respected experts ,

show me some way ... please...

my father hadn't prepared any will . we are two brothers . we divided property between us . while dividing , we got cash , gold , silver and land . we want to use that movable asset to deposit in bank as well as for our further development  but we are facing big problem .

Now my question is ...
we have land record on paper as well as in govt record , but as i earlier told we also got some cash , gold and silver as it was not hold by our father in banks but it was hold by them in home himself . if it were in bank then we can withdraw it easily without any problem because it was hold by them . he was the owner and he was the only right to hold .

Since  we got gold , cash and silver in hand , and if we hold it then will i have to show any proof to income tax authority if i use that movable asset anywhere . How to justify it as it was earned and managed by our father , we got it in property distribution ?

if i use that movable asset to invest somewhere then one day i will have to answer to income tax authority , from where did i earned that ?

Help me ....

 

Replies (3)

How did you distributed the moveable assets amongst the two brothers?

You may prepare an settlement deed stating that the father held moveable assets and after his demise, the same is equally distributed to his two sons/legal heirs. The cash, gold and silver which you received is not taxable in your hands.

sir , partition has done 5 years ago , can i register the partition deed after long time ?

You may register it, but I am not sure whether it is mandatory to register partition deed.

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