Cash deposit of rs.2l in account with pan
This query is : Resolved
16 November 2016
I am not employed and dont have any source of income. My uncle wants to deposit his cash of Rs.2L in my account and my brother account since we have pan card. Is it ok to deposit?? Will i have to face any consequences in future from income tax??Since indirectly government is speaking about cash deposits within limit of 2.5L..please help me
16 November 2016
You will not face any consequences in future from income tax as the amount is within limit. Consider the amount as gift from your uncle.
16 November 2016
It is not a gift, need to return it back in new currency;)
16 November 2016
Legally it is not allowed but as the amount is within limit you will not face any problem.
21 November 2016
But don't paid back by account payee cheque or neft.you have to withdraw the same and paid back in CASH ONLY.
Otherwise you will receive income tax notice
Otherwise you will receive income tax notice
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