you have to establish the source of funds, with your IT returns/ balance sheet and bank accounts, if the same is not establish then the diff would be computed as income from other sources and would be taxable.

in case you have obtained the gift, then you need the documents related to gift, doners PAN and address details, if not available then you can adjust the same between your earning family members or senior citizens, but documentary evidence is must.

gift deed is required, it may be or may not be on stamp paper/notorized in case of relatives, but the documents are required to establish the same.

hello sir...gift cn be exempted only wen ther is any occation like marriage or anniversiry in that  time u received from any one of ur relatives (here relatives means specified by the act) is only exempt..otherwise its chargeable under receivers income.....

                  so in ur case ur brother-in-law is not a relative nd ther is no occation for receiving gift nd hence its chargeable nd included in ur income while comptation of tax .....here u r already sold r house ,so it is taxable under the head capital gain..

1.ur purchasing house in 2009 nd dont mention d month so upto oct 2012 if ur holding d house for 3 years  have a chance to claim exemption u/s-54   

        my sincear suggestion is u cn conslut any ca as reputed in practice cn help u a lot nd will get more info........................

       thnq sir

       anil

Originally posted by : bnaveenkumar
	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

You need to make a "RECORD OF A GIFT OF MOVEABLES" on green paper back date and paste Revenue Stamp on it of the value of Stamp Duty that will need to be paid on the value of Rs. 2,00,000 gift. You will need to refer to the Stamp Act as per the State in which your brother in law lives. For example for State of Maharashtra we refer to Bombay Stamp Act.

Note that dont make a GIFT DEED b'se it needs to be registered which you wont be able to back date it now.

You can get a draft for the "Record of Gift" under Files >> Law (660034_52978_record_of_a_gift_of_moveables.docx)