Cash deposit sb bank account by parents

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This discussion addresses the tax implications of depositing a large cash sum, specifically Rs. 10 lacs, into a savings bank account. It clarifies how such amounts received from parents should be declared in income tax returns, distinguishing between gift and loan transactions. The advice given is to declare it as a gift to comply with IT Act regulations and avoid potential penalties under Section 269ST.

Kollipara Sundaraiah

Kollipara Sundaraiah (Querist)

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)

14 January 2021 269ST attracted equal amount of penalty will be levied.

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Kollipara Sundaraiah

Kollipara Sundaraiah (Querist)

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)

14 January 2021 Show gift transaction.

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