Income tax query

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I bought a property in 2003 on cash payment of Rs xxxxx though sale deed. This sum was payed through personal savings accrued over time( 2-3 years) from withdrawls from bank which were kept at home. Now Income Tax has asked to prove source of fund of this property. My IT return for assessment year 2004-05 too reflects that i had an income from salary much more than the amount for which i bought the property and i had a bank balance more than xxxxx purchase price at the time of buying property. Please guide how to answer the query from income tax.
Replies (3)

Be specific to the query. Try to justify the source of cash at hand as on the date of payment.

Don't get confused with your other assets, or bank balance etc.

If not very confident, take help of any local CA, to avoid any future complications.

Dhirajlal ji is absolutely correct, all queries can be resolved on approximations. Your question is very specific and needs clear and specific details. And their advice is also valuable that consult local CA.

Thanks and regards to CA Ashish Barthwal. Request you not to elevate me to that extent. Loving and sharing knowlege is the only wish left.


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