15 October 2012
hey, my frnd wants to convert his black money onyo white.n he want me to give him a cheque n he will giv me the cash.so can u suggest me is it ok do such transaction??
15 October 2012
so u want to give that cheque to him as a gift..right? in that case it will be taxable in his hands u/s 56(2)(vi) in excess of RS. 50000 and you must have that much amount in ur file.ur file amount will get reduced by that much..u cannot show that cash of rs.3 lac in ur file
CAclubindia
