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erdeep

engineer

223 Points Posted on 01 August 2015

Respected experts ,

My Father expired in 1995 and my mother expired in 2007 . Movable property partition done in 2007 and immovable partition done in 2012 .

In movable property , i received 400 gm gold jwelary and coins and rings . I sold out 200 gm og gold to goldsmith in 2015 and purchased a agriculture land . Will ITO ask the source of income from where i get that amount and if i declare i got it by selling gold which i received in partition . Will it be sufficient for him ? I dont have any deed or bills for that jwelary or rings or coins .My Father was an Govt officer , He had 50 acre agriculture land and He was also sarpanch for consecutive 10 years after his retirement from govt job .

Replies (3)

Rajagopalakrishnan R

PARTNER

1145 Points Posted on 01 August 2015

Your explanation that the Gold was received on partition is reasonable and can be accepted by the ITO. If you have any agreement between you and other heirs of your parents regarding the partition, then it will be helpful. But more importantly, the sale of 400 Grm of Gold is likely to result in Capital Gains. for this you will need to identify when this gold was acquired by your parent(s). .Once you show the capital gains in the return. the source for the purchase of Agricultrual property is covered. As a good practice, it is betterto get a letter/purchase note from the gold smith now itself.

erdeep

engineer

223 Points Posted on 01 August 2015

Sir , We dont know the exact date or year but i can say he purchased while he was in service . between 1970 to 1985.

Sir we have a registered partition deed for immovable property but movable assest like gold we did not perform any documentation . I have 6 brothers . Equal share distributed among us .

erdeep

engineer

223 Points Posted on 01 August 2015

Originally posted by : erdeep
	Sir , We dont know the exact date or year but i can say he purchased while he was in service . between 1970 to 1985. Sir we have a registered partition deed for immovable property but movable assest like gold we did not perform any documentation . I have 6 brothers . Equal share distributed among us .