Can i pay income tax on this transaction

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This query is : Resolved

Rakesh Kamlakar Jadhav (Querist)

07 October 2017 Respected Sir,
My cousin sister told me. someone is giving her Rs. 200,00,000/- by cheque without any charges. And she has to pay this amount after two years. But she has saving account. but there is no big transaction on her account. my question is Can she has to take this amount on her account ? if yes. than she has to pay any one charges to income tax ? and what she has to show about this amount in her account and income tax.

CA Rashmi Gandhi

CA Rashmi Gandhi (Expert)

08 October 2017 First question why he is paying him i.e. purpose of giving... Second in which form i.e. loan, gift etc. Third how your sister use that money.....

Radhakrishnan K.V.

Radhakrishnan K.V. (Expert)

08 October 2017 Of course she can accept the deposit. As this is not an income she need not show this in her IT return. But remember, the details will be reported to Financial Intelligence Unit (FIU) by the Bank. This will also be shown in Statement of Financial transaction (SFT). So in case the IT department enquires about your source you will have to give convincing evidence otherwise the amount is likely to be added to your income u/s 68 of Income Tax Act.

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