I run a medical shop i have given cash to my father on different dates the amount is 9 lacs how can i show this in my it returns .
please help.
CA Srujann kumar Reddy
(Asst Manager(Internal audit))
(1679 Points)
Replied 09 March 2018
Gift to relative is completely exempted irrespective of the amount, however as per the provisions of 269ST any person who receives any payment in cash greater than 2 lakhs will be penalised.
and this section is applicable from 1.4.2017, if the transactions happened in the FY 17-18 then tax shall be levied as being a cash receipt
Nilesh
(a)
(121 Points)
Replied 09 March 2018
Thanks for the reply ,this transaction happened in 2016-17 .
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