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Cash deposit sb bank account by parents

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Kollipara Sundaraiah

Kollipara Sundaraiah (Querist)
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14 January 2021 If parents cash deposit Rs:10 lacs money Assess savings bank account.
Question:
Assess this amount how to show producer in I.t. returns.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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14 January 2021 269ST attracted equal amount of penalty will be levied.

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Kollipara Sundaraiah

Kollipara Sundaraiah (Querist)
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14 January 2021 Sir, amount received from parents Rs:10 lacs bank mode received son I.t. returns show gift transaction or loan transactions allowed I.t. act.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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14 January 2021 Show gift transaction.

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