269ss
This query is : Resolved
26 May 2017
I am salaried employee and deposit 6000 in cash per month in the account of known person named Shabana. This is amount is deposited as it is committee. and after twelve month shabana deposited Rs. 65000 cash in my account,
1) Shall this transaction be considered loan transaction ?
2) Shall section 29SS and 269T is applicable on this transaction ?
3) Is section 269SS and 269T is applicable to the person who files ITR showing major income in lakhs under salary head and shows 5000-16000 income under income from other sources ?
1) Shall this transaction be considered loan transaction ?
2) Shall section 29SS and 269T is applicable on this transaction ?
3) Is section 269SS and 269T is applicable to the person who files ITR showing major income in lakhs under salary head and shows 5000-16000 income under income from other sources ?
26 May 2017
1. Yes since obliged to repay in legal tender.
2. Both sections applicable
3. Yes, since income is not the criteria.
2. Both sections applicable
3. Yes, since income is not the criteria.
03 June 2017
can penalty be levied on above transaction ?
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