19 February 2010
Hi, Dear Sir, I want to know About the Following TAX related Issues:he is retired Govt. Employee. he has done this transaction before 4-5 months and he got retired from service on 31.10.09 1) one of My relative,age at 57 yrs. he Sold one HouseProperty amount 22 lacs and he got 17 lacs by cheque and 5Lacs by Cash From Party.ok Now He Has putup 5lacs into the Locker.is this kind of Black Money? then they have Given 5lacs to his Brother-in-law by of Bank( Cheque).that person deal in share market and Promise him to pay interest at Market rate.Point is that that Black money(5 lacs)routed through bank and becomes white then que is that (A) how to save this 5 Lacs RS from TAX.what Fake things should be Created to save utmost or Full Amount. they want it back.not to pay TAX and How and Which that Third person give back his 5 lacs. if is given in piecemeal then what to do and get it full then what to do. simple full amt save from TAX. 2) if any interest receved. then what to do with this Interst income.How it is shown or hide.in which Manner to accept this interest.if it is shown then how much tax and under which Head? 3) the party who gives Interest then Is party liable to deduct TDS? because interest around yearly say 90000. then how to Claim this Deducted Amt from interest if it shown. 4) is there any effect for A.Y.10-11.when he files return of Income pls Advise me Illegal transaction to save 5 lacs and interest is not big iisue but to save intrest as well then what to do its very urgent so advice.
CAclubindia
