Legal Question in Bankruptcy in India
Ritika
Hi!
I have been fined by Income tax department with a sum of 1.5 crores INR and I am unable to make a payment of such a huge amount. I will be filing for bankruptcy and i am aware most of my assets will be put on auction. My biggest concern is will i be put in jail for this. All my assets will sum upto just 50 lakhs INR. Please guide me as to how can i try to minimize my mistake
Asked on 10/03/08, 7:37 am
1 Answer from Attorneys
Sudershan Goel
India Law Offices of Sudershan Goel - Advocate
Re: Ritika
No, you will not be jailed; besides, your one residential house and other essential items cannot be put to auction/sale. there is nothing much to worry.
Answered on 10/03/08, 8:28 am
Related Questions & Answers
-
Chauqe sir i gave a chaque to a person. but i had to pay him pay money before the... Asked 8/11/08, 11:16 am in India Bankruptcy Law
-
About insolvency/bankruptcy I use to have many credit cards issued between 1999... Asked 7/09/08, 1:04 am in India Bankruptcy Law
-
Cheque disowner Sir, My brother was running a business in partnership with a... Asked 6/28/08, 10:48 am in India Bankruptcy Law
-
Cheque dishonored I have given a cheque to a person, but i had to pay cash befor the... Asked 6/22/08, 10:05 am in India Bankruptcy Law
-
Credit card payment problem sir, Kindly let me know that if a credit card company... Asked 6/06/08, 9:17 am in India Bankruptcy Law
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
