Narayan Mohite (tax expert) (30 Points)
25 October 2013can any suggest appropriate answer to problem of assessee depositing in any financial year sum of Rs. 10 laces in his saving account and also in his wife's account and also in his minor sons account, these monies are generated though undisclosed property transactions.
so how he can get minimum tax burden in this situation. with any case law on it.
Mihir
(Wealth Manager)
(5293 Points)
Replied 25 October 2013
If there is a cash credit in the bank account, and after inquiry of the AO, the assessee is unable to give satisfactory answer on the source of this cash credit, then the AO u/s 68 shall treat this cash credit as fully taxable under income from other courses and taxed at 30%.
Bank will not ask questions on what you are depositing in the bank locker. So try using bank locker instead of saving account when he cannot justify the cash credit.
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