Q
I hereby relate an acct of the matter below
After death of my parents I and my 2 sisters sold our home and recd our share of the money( 25 lacs for me and 25lacs for my 2nd sister)
the house was sold to my last sister
In the release deed we agreed for Rs 15 lacs ( for me RS 15 lacs and my second sister 15 lacs ,so totally 30 lacs)
The rest of 10 lacs was settled in cash , because she wanted to avoid IT problem( ,they are working in a central govt firm )
She settled in cash to avoid tax problem
in short , i recd the money as follows
BY DD RS 1500000
BY CASH RS 1000000
TOTAL RS 2500000
This happened in 2024 AUGUST
Now i deposited 25 lacs in bank ( 20 lacs in Indian bank and Rs 5 lacs in IOB) in Aug 2024
Ihave deposited 20 lacs in fixed deposit
Actually I didnt submit any IT RETURNS for this money due to pressure from my sister to avoid it issue for her
Now i feel guilty and very tense of not submitting the IT RETURNS IN 2024 itself
Now i want to inform IT DEPT about this transaction
Please tell me whether this will create legal issues for me because 10 lacs cash is involved
I have no record of receiving 10 lacs from her
The sale deed mentions only 15 lacs as DD
Plz advice AS FOLLOW
1. how should i inform IT DEPT about this
2. should i have to pay penalty
3 will i face legal issue from the IT DEPT
4 how should i have to prove 10 lacs recd from my sister alone
5 will the bank statement showing cash withdrawal of my sister is proof enough of 10 lacs cash receipt for the sale of the house
How to inform the IT Dept: The regular filing deadline for FY 2024-25 has passed, so the usual route is an Updated Return (ITR-U) under section 139(8A) for AY 2025-26. It is allowed up to 48 months after the assessment year, but only if no notice has already b…
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A wife has a right to her husband's property. However, if the property is ancestral (belonging to the grandfather), the husband holds a right to it, and the wife can claim a share in her husband's portion. For more information, call 7499768417 - Adv. Wankhede.
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Whether NA/DC conversion is required, approximate cost, timeline, and who should bear it.
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Applicable stamp duty, registration fees and other statutory requirements in Karnataka.
NA/DC conversion: Required. Convert under Sec. 95, Karnataka Land Revenue Act, and get CLU under Sec. 14A, KTCP Act, if the Udupi CDP zone does not permit sports use.
Cost and timeline: Conversion fee is modest, CLU charges are higher. Conversion takes about 1…
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Once the property has been partitioned and distributed, Pentaiah's daughter no longer holds any right over it. For more information, please contact Adv. Vivek Wankhade: 7499768417.
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Yes, if the land is in the wife's name, she will definitely get that land and house. For more information, call Adv. Vivek Wankhade at 7499768417.