Ramana (Business) 09 April 2024
Hi,
We have large cash left by our parents after their death (around 4 crores - in the form of gold and around 3 crores in form of cash). Now myself and my brother are legal heirs.
Can we deposit this cash to bank account and what would be the documents required for this deposit?
T. Kalaiselvan, Advocate (Advocate) 09 April 2024
You can make a partition deed or family settlement deed to divide the assets both movable and immovable between you both and reduce it to writing with proper descripttion of each schedule of property allotted to each other.
This documentary evidence will be supporting your share of deposit amount for bringing them to proper account and after that you can declare the same in your income tax returns.
Dr. J C Vashista (Advocate ) 10 April 2024
Divide the assets among siblings.
Disclose the fact before IT department and pay taxes as applicable, if the cash/ gold is found to have been earned legally and known sources.
However, it is not a legal dispute for consideration and obligation of experts on this platform.
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