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 ....
CAclubindia
