Dear Sir / Madam,
I am a individual resident and tax payer of India. I file my returns regularly every year since 1995 and all my assessments have been completed uptill AY 2016-17 and refund paid to me.
I am a retired teacher and living on my savings income which is total slightly less than 5 Lakhs. Since 2013 I have been filing IT returns online to get me TDS refund. And my TDS refund has been credited to my bank account.
My query is in Feb 2014 I had withdrawn about Rs 1.4 lakhs cash to be paid to redeveloper of my mom’s building, she is very senior citizen 88 years old. But money could not be paid to redeveloper due to some issues with him and BMC authority. Hence my mom’s building redevelopment is pending.
The Rs 1.4 cash lakh withdrawls were from my own bank savings account by using cheque book issued by bank to me. My passbooks shows clearly all of these withdrawls with details. And I have listed these bank accounts in my ITR2A online form for AY 2015-16 onwards as required by IT authority.
All this cash is still with me and is in Rs 500 denomination notes which are no longer legal tender from 9th Nov 2016.
Can I deposit this Rs 1.4 lakhs as Rs 500 notes back into my bank savings accounts? Will it attract penalty and tax? Other wise this money becomes waste paper after 30 Dec 2016 and big loss to me.
Kindly guide me what is best way to proceed, since there is not of information which I do not clearly understand.
Regards
Sherryl

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Dear Concerned , My mom who is a housewife, and looks after the Rent (landlady) matters of our Residential Propety has a cash amount of Approx 9.5 lacs of 500/1000rs Denominations saved over a period of 4-5 years. Currently she is a senior citizen and has a bank account as well with valid PAN details made prior 2years . However she has never filed income tax returns. Now when Modi Govt has done demonetization , my Mom is liable to deposit the amount in her Bank Account. However as the amount is More than 2.5 lacs and also not disclosed in the IT return (not filed) , she is likely to attract huge penalty chages . Kindly suggest a suitable solution to the issue.

Dear Concerned , My mom who is a housewife, and looks after the Rent (landlady) matters of our Residential Propety has a cash amount of Approx 9.5 lacs of 500/1000rs Denominations saved over a period of 4-5 years. Currently she is a senior citizen and has a bank account as well with valid PAN details made prior 2years . However she has never filed income tax returns. Now when Modi Govt has done demonetization , my Mom is liable to deposit the amount in her Bank Account. However as the amount is More than 2.5 lacs and also not disclosed in the IT return (not filed) , she is likely to attract huge penalty chages . Kindly suggest a suitable solution to the issue.

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