Cash deposit of rs.2l in account with pan
This query is : Resolved
16 November 2016
I am not employed and dont have any source of income. My uncle wants to deposit his cash of Rs.2L in my account and my brother account since we have pan card. Is it ok to deposit?? Will i have to face any consequences in future from income tax??Since indirectly government is speaking about cash deposits within limit of 2.5L..please help me
16 November 2016
You will not face any consequences in future from income tax as the amount is within limit. Consider the amount as gift from your uncle.
16 November 2016
It is not a gift, need to return it back in new currency;)
16 November 2016
Legally it is not allowed but as the amount is within limit you will not face any problem.
21 November 2016
But don't paid back by account payee cheque or neft.you have to withdraw the same and paid back in CASH ONLY.
Otherwise you will receive income tax notice
Otherwise you will receive income tax notice
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- TDS CREDIT MISMATCHING
- Buy back of shares u/s69
- Tax Audit Applicability – Newly Formed Partnership Firm with Profit Below 6%/8%
- Difference between Date of Payment and Date of Deduction?
- Unregistered suppliers utility
- ITDS U/S.194T of Firm
- EXPORT COMMERCIAL INVOICE HSN CODE
- GST Rate for Catering Services
- LIC maturity claim whether taxable
- TDS AND ITR ISSUE
- Non-Compliance documents have not been submitted by the contractors debited
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
- Tax Demand of ₹4,650 for AY 2026-27
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
