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Cash received amount Rs.1500000 from uncle

Ravi Vinni (23 Points)

25 July 2019

what should i do for without income tax how to treat as my books

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Sudhir Bapat (student) (155 Points)
Replied 25 July 2019

As per sec. 269ST of IT act, you cannot receive cash from any person (be your uncle) more than 2 lakhs rupees. So you will be penalized for equivalent amount receiving this cash, under the act.

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Saket Mishra (367 Points)
Replied 25 July 2019

show it as gift since 269ST shall not apply in case of gift...

Sudhir Bapat (student) (155 Points)
Replied 25 July 2019

Any justification for non applicability of sec 269ST over Gift?

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Saket Mishra (367 Points)
Replied 25 July 2019

yes you are right it is a confusing point since CBDT has not issued any clarification regarding the same and several interpretation are possible for the same...

abhishek tiwari (79 Points)
Replied 25 July 2019

As per income tax act any gift received of more than ₹50,000 in a year from non relative is taxable And uncle is not covered in relative And you cannot receive amount more than ₹ 200,000 in a cash as per section it is liable for penalty

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abhishek tiwari (79 Points)
Replied 25 July 2019

The restriction of receipt of money in Cash of Rs 2 Lakh or above in cash is applicable irrespective of whether it is for personal / business purpose, capital or revenue in nature, tax-free or taxable income. Kindly note that the payer of money is not liable to pay any penalty, it is the receiver of cash who has to bear the penalty u/s 271DA Contact 9770957759 Abhishek Tiwari & Associate

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Saket Mishra (367 Points)
Replied 25 July 2019

dear abhishek sir uncle is cover under the defination of relative for the purpose of sec 56(2)(x).....

abhishek tiwari (79 Points)
Replied 26 July 2019

The “relatives” term defines by the Income Tax act as follows : i. Spouse of the individual ii. Brother or sister of the individual iii. Brother or sister of the spouse of the individual iv. Brother or sister of either of the parents of the individual v. Any lineal ascendant or descendant of the individual vi. Any lineal ascendant or descendant of the spouse of the individual vii. Spouse of the person referred to in clauses (ii) to (vi). viii. In case of a Hindu undivided family, any member thereof; Uncle is covered no where and from his question it is not clear that whether that uncle is either brother of his or her spouse parents or not hope you got the answer

abhishek tiwari (79 Points)
Replied 26 July 2019

CBDT HAS ISSUED A CLARIFICATION The restriction of receipt of money in Cash of Rs 2 Lakh or above in cash is applicable irrespective of whether it is for personal / business purpose, capital or revenue in nature, tax-free or taxable income. Kindly note that the payer of money is not liable to pay any penalty, it is the receiver of cash who has to bear the penalty u/s 271DA Contact 9770957759 Abhishek Tiwari & Associate