It is used when someone tells you something and you know or think that they are either having fun, teasing, lying , making you angry or talking unreal. It's used in informal settings, like, between or among friends. It's used when you get little angry , you don't believe or something.
My friend : The prices of the shares ,you bought last week , have increased by 58%.
Me : Thaare baap ri gond/gaand !
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Used when someone can't do something easy.
Even little Alexandra finished it and you are still undone with it. Va re va.