I had taken a house for lease for Rs.7.5 lakhs for lease for 3 years in 2011 (increased to Rs.10.5 lakhs during renewal of lease during 2014) and made payments through cheques while entered into lease agreement.
During April 2016 I received Rs.10 lakhs back from my land lord through cash (as on the same day I had to vacate the house), which was deposited in the bank on the same day.
Will this transaction can be captured in the reporting under Rule 114E (amended) and comes into taxable one as per recent amendment in the rules?
09 January 2017
Not for the amendment but otherwise also this transaction was a reportable transaction under rule 114E. It will be reported by the Bank.
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