Unaccounted cash
This query is : Resolved
21 March 2015
Suppose a person makes registry at dlc value and deposits cash recd over and above registry value in a bank.
can he show the cash credit as sale consideration recd from plot and claim capital gain exemption or is there any other way out.
cash credit appearing in bank: Rs8-10lacs.
can he show the cash credit as sale consideration recd from plot and claim capital gain exemption or is there any other way out.
cash credit appearing in bank: Rs8-10lacs.
21 March 2015
Capital gain can't be claimed on cash recd over and above registry value. Tax has to be paid on this treating it as other income.
21 March 2015
Capital gain can't be claimed on cash recd over and above registry value. Tax has to be paid on this treating it as other income.
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21 March 2015
ven if both parties file affidavits and make agreements to this effect than also?
21 March 2015
Yes such things will not serve any purpose.
22 March 2015
revise the value of agreement. pay stamp duty value on the same and then it can be taken for capital gain
23 March 2015
If the seller has deposited more sum than the 50C valuation, then he has a chance to avoid section 68 by filing an TP complaint with CIT and also complaint with Registry for undervaluation when the buyers don't give any confirmation of paid amount.Pls see the case law of CIT v. Intezar Ali reported in 2014 TaxPub(DT) 0725 (All-HC) : (2014) 099 DTR 0201
For further queries casrinivasantry@gmail.com
For further queries casrinivasantry@gmail.com
24 March 2015
But in the said case opposite party ie buyer can face tax proceedings
24 March 2015
Cant we create capital of the parties by preparing balance sheet for last 10 years and than we can file ITR for last 2 years and current AY after march
24 March 2015
and show some of the portion as cash recd from selling gold
25 March 2015
Department usually not relies on cash flow statement when no balance sheets were not filed for prior years. Can take as Gift from some relatives who have source and to prepare gift deed. Showing as gold sales is welcome; but to look in to the wealth tax issue; can try for marriage gifts or combination of all the above.
25 March 2015
I think this forum is to guide the people in right way. If some excess cash has been received over guide line value let them pay taxes due.
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