Itr income tax

1) There is no problem from the side of Income tax if they all to-gether and purchased in one name but the amount from all to the purchased name party should be tranrsfer through account payee cheque.

2) Compute the difference between the sale value and purchase value it is the short term capital gain and it is wholly taxable in the hands of Pearson A(i.e registered person of such properties) and to file income tax you have to select ITR-4 if the assessee has any business or if the assessee is only salaried employee then ITR-2 sufficient.

3) You need not to require to submit any documents to along with the ITR while filing  of income tax return. But you have keep all the documents regarding this transactions and earning income of the assesssee transaction details with the asseessee for 6 to 8 years and if any requirement from the AO(i.e in case of AO asked to produce documents if any) then you have to submit it to the AO. But at the time of filling of return you need not submit any documents just you have fill the details of capital gain ITR at the schedules provided for that.

OM SAI SRI SAI JAI JAI SAI

Thank you for reply

In this case amount is not transfer through account payee cheque but its all about CASH.

Please suggest the way forward.

Then section 269SS & T  applicable and AO make the penalty for for taking of cash loans directly through cash instead of cheque.

OM SAI SRI SAI JAI JAI SAI

Thank for the Reply

Please tell the penalty amount and the way to waive off the penalty amount because its was not intentional,

However in your case i have an another idea to escape from the section 269SS & 269T.  If any possible then you treat such amount as gift from them.  Because of all of the above are mentioned you is the relatives of the assessee so there is no gift tax liability.         For full and process how to treating and how we keeping documents for the evidenc gift my suggestion is better to contact any CA.

OM SAI SRI SAI JAI JAI SAI

Originally posted by : Sunny Tayal
	Thank for the Reply Please tell the penalty amount and the way to waive off the penalty amount because its was not intentional,

                    I posted the reply to your this question. But unfortunately(i think due to technical problems) it not appearing in the query at my system i posted thrice the same but it no appearing in my system if it appear in your system then okay otherwise please read such answer from your Email ID.

OM SAI SRI SAI JAI JAI SAI

Thank you very much for the help.

Is Gift Deed is complusory for this trasactions or declaration in plain paper is suficent as per Income Tax Act ?

Better to having gift deed. Because of gift deed gives full suport to you and your answer for tax purpose and for other also.   So try to get it from the back dated if possible.   Otherwise keep it on white paper but keepin on white paper may not be valid.

OM SAI SRI SAI JAI JAI SAI