Regarding cash deposit

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Rajat Sharma

Accountant

436 Points Posted on 22 December 2018

Sir I am an house hold lady and having saving bank account, sir in my account my mother in law has been cash deposited Rs 5.00 lac out of her retirement benefits and my father in law has been deposited Rs 3.00 lac out of maturity of MIS and my husband also deposits Rs 3.00 lack out of the maturity of MIS and whole of the amount tfd in the account of my brother in law for the purpose of purchase of flat at Delhi. Sir now I have received a notice from Income tax deptt to show the source of cash deposit, Sir I requested t to your authority please help me to solve this problem. Thanks

Replies (2)

Sachin C

Tax Consultant

61 Points Posted on 22 December 2018

Based on the Information you have provided in your query i understand that you might have received a notice under the compliance section to be answered/ from the Assessing officer to explain your cash deposits. As per the provisions of 56(2) vii erstwhile and now 56(2)x of the Income Tax Act 1961. The Transaction even though they cash deposits in your account are received from your relatives as a cash gift within the meaning of the provisions of Section 56(2)x. Hence if the IT depaetment has raised a query only on these transactions as you have mentioned it either ways does not attract any Tax. You can share the notice on my mail id, i will guide you on how you can proceed.

Thank You,

Sachin C

(mail id:sachin.c @ cleartax.in)

NARESH JOSHI

34 Points Posted on 22 December 2018

I also get the same notice at last week. plz take a professional help they will help you .
I can share my consultant no. they will help you.
ANIL KUSHWAHA
9811222216