i got ancestral property in 2011 from my brother by legal process. now i sold this property in 50 lakhs, in which on paper price shown 15 lakh which i got by cheque and another 35 lakh i got in cash. So 1-how will be my tax? 2-how can i deposit this 35 lakh in bank account which i got in cash? 3-can i give this 35 lakh to my son and how can he show this amount as he is not tax payer ? 4-how can we deposit this huge cash in bank? to make FD. 5-please tell us in details what should we do?
1 Answers
- Tax would be payable only on cheque amount or govt rates whichever is higher. You need to compute tax with indexation benefit.
- No way, you can deposit such huge cash in account. You would be trouble if you try to deposit it.
- You can give 35 lakhs to your son. Its black money and unaccounted.
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Who will give me answer & when???