- This topic has 19 replies, 18 voices, and was last updated 1 year, 3 months ago by
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UHello good folks,
I am salaried person with ITR of 35 lakhs+ annually.
My dad recently sold off a property which brought us a significant amount of Black (unlisted) money.
My dad asked me if I wish to foreclose my auto loan using the cash he got.Is this a good way to get rid of the black money? Will this implicate me or my dad or cause us any issues?
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SI would rather buy a new property, than putting cash to bank, that’s probably gonna be flagged, as your credit and debit difference for that fy would clearly indicate you got unreported money from somewhere… if the difference amount was small then it would be ok, but ₹10L would definitely be flagged
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VHow do you plan to give them lending bank the money? Cash, if so they will ask for a PAN card, which will bring you under scrutiny.
I suggest buy gold or USD.
I heard of a story, where this older couple bought about 5 cr worth of USD from the cash from the sale of their house (they sold their house and moved into a condo) and kept it safely in a locker. USD kept appreciating, and if they ever need money they sell the USD to an agent, I understand they bought the USD at several years ago at 70Rs, today it is at Rs. 90, and soon will be 100+
One of their children lives in USA, and the other In ANZ, when they visit their children they carry some spending money with them, when the child visit, they give the some USD to carry with them.
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MConsidering you have money, consult a CA. Dont seek advise for breaking the law on the internet which can be traced back to you.
PS: read the new IT Act on ability of ITD to access digital accounts.
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U1. 1.
अनुलगनक ANNEXURE
आयकर भिधिनयम, 1961 की धारा 142(|) के तहत टिनमनिलिखत खाते या दसतावेज या जानकारी मांगी गई है: The following accounts or documents or information is/are sought under section 142(1) of the Income-tax Act, 1961:
1. It is seen from your submission that your household withdrawal is very low. Therefore please give details of your family members, their profile, PAN no. and annual income. 2. Please file details with breakup quantity and rate in respect of monthly Ration expenses including wheat flour, Rice, Spices, Oil, Gas, Electricity, clothings, Shoes Polishes, Hair Cuts, Cosmetics, Perfumes, Social events expenses, Students Fees, Books, Clothings, Rents, Car running expenses, car insurance, Health insurance building expenses , Building insurance, Life insurance, Gift expenses to a relatives and others, restaurant visit expenses, get together expenses, social events expenses and similar day to day expenses,
G
3. Non submission of these details with breakup (and in case of other members bearing these expenses, other members the details of their income, household withdrawing may also be furnished with proof ofincome and expenses), wil entitle this office to consider an household withdrawal of Rs. 10,00,000/-for the year under consideration
Assessment Unit/Verification Uni/Technical Unit/Review Unit Income Tax Department
NOTE: To know the originator Unit of this Communication, kindly see the Digital Signature,
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UIf your mother or grandparents or siblings or wife don’t have any significant income then deposit some of that cash in their accounts. You can easily deposit up to 5 lakh in each account and you won’t have to pay tax on it; do this in March itself. Then in April have that money deposited in your account as a Gift. Gifting a blood relative has no tax implications and thus foreclose the car loan.
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