My dad was staying in a flat with his mamaji in his multistory house. after both death, my uncle has decided to sell the building to a builder. he wants to give us share in property earning. this is all white deal and he want to give us small portion for peaceful vacation of house. this property was not in my father name. my questions are:
1) if he give me Rs. 30 lakhs through cheque what will be my liability while filing income tax? in percent since I am already in 30% bracket.
2) if I take money in my wife name who is housewife, how much tax is she gonna pay in percent?
3) since my uncle is going to pay Rs. 30 lakhs to me without any property transaction/sell/purchase documentations, what is he required to show in his book of accounts? or is there any legal financial way of doing this transaction .
4)and how much he can transfer to me at one go or in 3-4 installments. is there any limit to avoid IT deptt scanner or to have minimum IT liability?
5) if amount is transferred to my wife account what d how much tax she can declare?
Asked 6 years ago in Income Tax
well my father was his cousin.
will it be exempted?
he is an advocate and is paying income tax.
if i receive money how much tax i am gonna pay?
if my wife receive money how much tax she is gonna pay? in percent
and if he gives partial amount in cash and partial in cheque whether he has to show anything in his book for cash withdrawal or purpose or it is conpletely fine if he withdraw cash like 3-4 lakhs at one go and handover to me without getting into IT scanner? what is the safest amount withdrawal at one time and what he can show in his book?
Asked 6 years ago
