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DEEPA DWIVEDI (family Business)     27 September 2014

If i received unaccounted movable assest

respected experts ,

my father hadn't prepared any will . we are two brothers . we divided property between us . while dividing , we got cash , gold , silver and land . we want to use that movable asset to deposit in bank as well as for our further development  but we are facing big problem .

Now i have a question ...
we have land record on paper , we have documents of land but as i earlier told we also got some cash , gold and silver as it was not hold by our father in banks but it was hold by them in home himself . if it were in bank then we can withdraw it easily without any problem because it was hold by them .

Since  we got gold , cash and silver in hand , and if we hold it then will i have to show any proof to income tax authority if i use that movable asset anywhere . How to justify it as it was earned and managed by our father , we got it in property distribution ?

 



Learning

 5 Replies

Sudhir Kumar, Advocate (Advocate)     28 September 2014

It is funny that you are calling it as unaccounted money. though it is "baap ka maal" called commonly.

 

You might be having some documents of disctribution.

DEEPA DWIVEDI (family Business)     28 September 2014

sir i have documents of land record only ...

Advocate Ravinder (Advocate/Attorney)     28 September 2014

You have to execute registered partition deed wherein you can mention all movable properties such as cash, gold, silver, FDs, Insurance policies, bonds etc. You can mention in the partition deed that how did you get the property i.e. from your father or from ancestral property. Likewise you can also mention your immovable properties.  Stamp duty for partition deed will be different for movables and immovable properties. Enquire in the sub registrar office.

1 Like

DEEPA DWIVEDI (family Business)     29 September 2014

ravindra sir  :: partition has done 5 years ago . can i register the partition deed after long time ?

T. Kalaiselvan, Advocate (Advocate)     03 October 2014

You can draft a partition deed between you and your brother in which the schedule of properties namely movable and immovable properties can be shown as separate schedules and the once the partition deed is registered, it becomes a proof for the source of the said gold and other articles. ou may take the help of a local advocate to draft the partition deed. Though the actual partition might have taken place very early, the registration of the same can be done now also.
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