ancestral property tax

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?

asked Oct 01 '15 at 23:09 by SMITA5233 11

Who will give me answer & when???
(Oct 02 '15 at 19:04) SMITA5233

  1. Tax would be payable only on cheque amount or govt rates whichever is higher. You need to compute tax with indexation benefit.
  2. No way, you can deposit such huge cash in account. You would be trouble if you try to deposit it.
  3. You can give 35 lakhs to your son. Its black money and unaccounted.

answered Oct 18 '15 at 09:51 by Pankaj Batra 5.2k320

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Asked: Oct 01 '15 at 23:09

Seen: 1,670 times

Last updated: Oct 18 '15 at 09:51