20 October 2010
hi friend my mother-in-law sale a old gold of rs. 20,00,000/-(Rs.twenty lacs) that gold receied by mother to mother-in-law approxly this gold old 35th year no any bills of purchase that we would calculate of this gold for purpose of income tax.
my friend a businessman and he received a unsecured laon by cheque of Rs. 1500000/-Rs.fifteen lacs before three years without interest from friends. He want not paid for next four years can he do or not or any income tax panelty he have under audit as per income tax act 1961 because gross sales Rs. 60 lacs please reply and send to my email email: ashok_advocate@yahoo.com
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