Hi,
Kindly answer below query.
I purchased residential plot during 2009 year for 10 lakhs. I sold the same this year for the same rate. All transactions were done thru my bank account.
At the time of purchasing the plot as I was short of 2 lakhs, my brother-in-law who was in other city offered a gift of 2 lakhs and deposited the same in my bank account as cash. Later I issued cheque for 2 lakhs to the developer and purchased plot and registered on my name.
Now query has come from IT regarding the source funds. Kindly tell me how I can represent the above. Kindly advice.
Naveen
CAclubindia
