Amount deposited into bank

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shikha (Querist)
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15 November 2014 hello good evening experts,

i want to know the income tax treatment of this case

my brother sold the plat for rs 12,00,000. out of this amount he deposited rs 600000 in to my bank account. so i just want to know whether i am liable to pay the income tax.or is it ok if i dont file income tax return. bank balance as on date is 700000.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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15 November 2014 Is the deposit is a share for co-owning the plot or it is a gift from your brother.
If it is a gift, get a gift deed signed by your brother in a plain paper to satisfy the income tax authorities. If it is a gift
no tax is payable as the gift is from relative.
If it is a share in owing the plot capital gain tax has to be calculated and paid.

shikha

shikha (Querist)
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15 November 2014 no share... it is just a cash deposited by my brother into my account.. and this cash is received by him from the sale of plot.. and if i treat it as a gift then does my brother is liable to pay the capital tax on 12,00,000

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CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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15 November 2014 Yes your brother is liable to pay capital gain tax subject to exemptions.

shikha

shikha (Querist)
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15 November 2014 okie sir thanks alot :)