09 July 2024
SUPPOSE SOMEONE HAVE RECEIVED 22 LAKH IN A SINGLE FINANCIAL YEAR FROM SALE OF PROPERTY, AND VIA UPI THE ENTIRE AMOUNT HAS CREDIT HIS/HER SAVING BANK ACCOUNT IN A SINGLE F.Y. BY 12 TIMES INSTALLEMENT, AND WITHDRAWL AS CASH IMEADIATE ABD INSTANT FROM THERE.
NOW QUESTION IS THAT, HE/SHE IS A SMALL BUSINESS PERSON, CAN HE/SHE GET ANY INCOME TAX NOTICE OR FALL UNDER ANY QUESRIES...?? ACTUALLY HALF OF THIS AMOUNT HE/SHE UTILISED ALREADY FOR CHILDREN TUTION PURPOSE AND KEEP SOME INVESTMENT.
NOW HOW TO AVOID TAX. PLEASE GIVE ME ANY SUGGESTION.
09 July 2024
He is liable to pay Capital Gains over the sale of property. He can save the tax by investment u/s. 54/F, 54EC etc. He is liable to declare the transaction in ITR of relevant assessment year.
CAclubindia
