My client does not file ITR since income below taxable limit. He is seventy plus . Had filed returns earlier probably in the years 1970 to 1975 when such detailed reporting of assets was not there in ITR.
In the current year he wants to sale gold jwellay of about 4-5 lacs and wants to invest in business.
There are no old buying records The gold may have been purchased around the year 1970 .He may sale the gold in cash Or he can take sale proceeds by draft/cheque.
How to account it in ITR and what will be querries of the dept.
CAclubindia
