Suppose, a woman has received and saved with herself around Rs. 48,000 cash during last 15 years, from some small home based works. And this amount also includes the amounts received by her from her parents and other elder family members as a small gift amounts (-like shagun and neg, etc.) on festivals and other social occassions .
This amount was saved with herself, in old 500 and 1000 denomination notes in CASH.
But, due to demonetization in November-2016, she had to deposit this savings amount in bank account, because if she would have not deposited in bank, then her money would have been invalid and of no any use.
Now, when she has deposited this cash amount in her bank account, during NOV. to DEC.-2016,
Que.1: Will this amount be treated as her INCOME , of FY 2016-17 ? - If Yes, then - which type of Income is this?
Que.2: Will she have to show this amount, in her Income Tax Return of F.Y. 2016-17, as income ? - If Yes, then where to show it in Return ? - Under which head ? - And what to mention, with this amount ?
Que.3: What , if she does not show this amount in her I.Tax Return ? Will she have to face any problem due to this ?
Because, as per her own opinion, This amount is not received in FY 2016-17. It is received during last 15 years, before FY 2016-17. The amount which she deposited in bank in FY 2016-17, is not income of FY 2016-17, but it is her savings of last 15 years. And her income has never gone beyond the exemption limit in any of the past years. She is a house wife always and she has no any other income except this.
24 June 2017
1 It is out of past savings hence it will not be treated as income of year 2016-17. 2 Need not show it as income in the IT return. 3 As the amount is less than 2 lacs no questions will be asked by IT dept on this deposit.
24 June 2017
1. Such income is not taxable.
2. Notify the amt deposited in column provided for it only.(Amt more than 2 lakh deposited during demonetization period)..
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