Capital

This query is : Open

ami shah (Querist)
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08 May 2017 if client sold house in Feb 16 n deposits money in savings account till current date. now what is the consequences? tax planning

CA Rashmi Gandhi

CA Rashmi Gandhi (Expert)
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08 May 2017 you have show it in your return but u can go for tax planning to reduce tax. Tax decided on your purchase year & amt. You cant receive any sum higher than 200000/- in cash for a single transaction or from single person in a day, it results in penalty equal to such sum. You can deposit through a/c payee cheque or demand draft or any banking channel through bank account. Bettrr option is that u consult wid some nearby CA to handle this as each & every aspect can't be discussed here.

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