Cash received by sale of property.
This query is : Resolved
14 January 2016
Sometimes, sale document is made at the Circle Rate value. The difference of actual sale value and circle rate is paid in cash. It is unaccounted amount. Is there any way so that
this amount could be shown in Income tax return ?
14 January 2016
It can not be shown in the Income Tax Return. It will create problem to both the seller and buyer.
.
.
14 January 2016
You can offer the same as "other income" by paying tax on it. In such case you can deposit the same in a bank account as well so as to make it formal income.
Note:
1. When you are offering as "other income" you need not correlate it with transfer of property or give explanation for the same.
2. If found such credits by IT Dept. (i.e. not from your own disclosure in IT Return), the Dept. treat it as unexplained credits / money / investment / expenditure, etc., which has been deemed as income under section 68, 69, 69A, 69B, 69C or 69D, and are chargeable @ 30% flat (plus surcharge and cess as applicable). [Sec. 115BBE];
Note:
1. When you are offering as "other income" you need not correlate it with transfer of property or give explanation for the same.
2. If found such credits by IT Dept. (i.e. not from your own disclosure in IT Return), the Dept. treat it as unexplained credits / money / investment / expenditure, etc., which has been deemed as income under section 68, 69, 69A, 69B, 69C or 69D, and are chargeable @ 30% flat (plus surcharge and cess as applicable). [Sec. 115BBE];
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