Grandmother Age-83 super citizan

This query is : Resolved

Atul M (Querist)
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28 November 2016 Dear sir, she can deposit cash in old notes , so what will be the deposit limit ... 2.50 lacs or 5 lacs for no inquiry of account.

Sandeep Dharar

Sandeep Dharar (Expert)
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28 November 2016 U can deposit any sum, irrespective of age, only when u can explain the source of that income. As per announcement the limit is 2.5L, but logically u can do it upto 5L.

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Atul M

Atul M (Querist)
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28 November 2016 Thanks sir

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Sandeep Dharar

Sandeep Dharar (Expert)
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28 November 2016 U r welcome dear. If u like my reply then u can show appreciation by hitting the like button.

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CA SAGAR M. AHUJA

CA SAGAR M. AHUJA (Expert)
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28 November 2016 I think you can not define the limit of Stridhan, so you can deposit any amount without thinking logically but thinking technically (means considering the base of her income)
The limit of 2.5 lacs or 5 lacs has no concern.
Thanks.

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Sandeep Dharar

Sandeep Dharar (Expert)
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29 November 2016 No techniques will help on announcement by Govt. No Stridhan will help u in any cash deposit. U can try if u want. Govt. haven't told that SSC can deposit amount greater than their taxable limit(through stridhan etc). If yes then please share the announcement or any news link.

CA SAGAR M. AHUJA

CA SAGAR M. AHUJA (Expert)
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29 November 2016 There is no need to announce such things if a lady has age of 60 and saved Rs. 7 lacs appx than she will deposit 5 lacs and rest deposit in Ganga River............

Sandeep Dharar

Sandeep Dharar (Expert)
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29 November 2016 One and simple thing I'll suggest is, if u have justifications regarding the cash deposit, then no need to worry. U can deposit even 100 crores(or more than that too). But if u r depositing other family members money to the account, then please keep in mind that u r going to receive notice from IT Department, for cash deposit in excess of 2.5 Lakhs. And u must have to give a proper reply in ur support to avoid tax penalties. So better to keep the Ganga a holy river, by not polluting it with black money. :)

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CA SAGAR M. AHUJA

CA SAGAR M. AHUJA (Expert)
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29 November 2016 Be practically, Lady does not need to show such evidence of stridhan as it is her saving of past many years, notice is secondary matter, if you have money which may be less or more than 2.5 lacs it doesn't mean that you can not deposit more than 2.5 lacs to avoid the notice, it is IT dept work whether they issue notice or not, our work is to give clear justification and for your info what is the surety that the IT dept doesn't issue notice to the person who only deposit L.T 2.5 lacs, all things are depend on justification and technical ground (that ground includes age of person, source of income and etc....)
Hope now everything is ok..........................
Thanks.

Sandeep Dharar

Sandeep Dharar (Expert)
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29 November 2016 Atul do whatever u thinks fit for u, but I request to u to please update the status if u receive any notice from IT department (in cash deposit in excess of 2.5L) at the same link. Coz u r not left with option of not depositing the cash, as the old currency notes of 500 & 1000 denominations are no more in use.