Regarding cash deposit
Rajat Sharma (499 Points)
22 December 2018Rajat Sharma (499 Points)
22 December 2018
Sachin C
(Tax Consultant)
(107 Points)
Replied 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
(24 Points)
Replied 22 December 2018