sumit (CA Final) (284 Points)
16 February 2013My uncle wants to purchase a house for Rs 22 lacs. He has Rs 12 lakhs in a bank and want to paid remaining Rs 10 lakh in cash which is unaccounted. Can he do so?
His wife has a jewellery which can be sold for Rs 10 lakhs. Can he paid the said money for purchase of the house. Is there any cap gain tax liablility on it?
Or can he borrow Rs 10 lakhs as unsecured loan from his relatives?
Or is there any othe way?
Pls advise.
CA. Ankit Bhansali
(---)
(120 Points)
Replied 16 February 2013
if your uncles pays unaccounted money means he is payin black money...
if your aunty sells gold jewellery same can be given as loan to your uncle and he can pay money to builder but it would not be cash transaction..
capital gain would be attracted den in case of jewellery sale by your aunty...
in case of any furthur querry you cancontact through PM
CAclubindia
