Cash deposit of rs.2l in account with pan

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lavanya (Querist)
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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

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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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.

lavanya

lavanya (Querist)
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16 November 2016 It is not a gift, need to return it back in new currency;)

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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16 November 2016 Legally it is not allowed but as the amount is within limit you will not face any problem.

Advocate

Advocate (Expert)
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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

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