Deposit 45000.00 cash are taxable

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

18 December 2014 Sir
maine apane saving account mein loan lekar 45000.00 6 times 270000.00 cash deposit kiye hai kya yeh taxable honge.

CA Kumar Mukesh

CA Kumar Mukesh (Expert)
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19 December 2014 You have taken loan by otherwise then account payee cheque, it will be covered under section 269SS and penalty could be levied.

Therefore, it is better for you treat it as Income and claim certain reasonable Expenses

Rupesh Jain

Rupesh Jain (Expert)
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19 December 2014 if you source of cash is income then it will taxable. otherwise you can deposit rs. 10 lacs in a year deposit in your a/c on above 10 lacs then you may received the letter fro income tax deptt for telling the sources of cash.