Cash deposits in saving a/c more than rs.1000000
This query is : Resolved
17 May 2012
hi ,
i need some help....
my client has deposited cash in his saving a/c in f/y 08/09 in aggregate more than Rs.1000000...as such recieved notice from ITO ....
he cant explain the source of such deposits exactly
his
ITR was filed showing net inc ome of Rs. 250000 form rent and running bus but this is not sufficient to justify the cash deposts...
as such i am considering a solution that he could show such depostis in cash as gift from his relatives as per sec 56 (2)...
is their any other solution and what do u think about this solution...???
i need some help....
my client has deposited cash in his saving a/c in f/y 08/09 in aggregate more than Rs.1000000...as such recieved notice from ITO ....
he cant explain the source of such deposits exactly
his
ITR was filed showing net inc ome of Rs. 250000 form rent and running bus but this is not sufficient to justify the cash deposts...
as such i am considering a solution that he could show such depostis in cash as gift from his relatives as per sec 56 (2)...
is their any other solution and what do u think about this solution...???
17 May 2012
If the amount is shown as gifts from relatives then the relatives must have requisite income to be able to gift the amount.
Further, the AO can call the relatives and examine them on oath.
It is better to be truthful and disclose the true source of the amount.
Further, the AO can call the relatives and examine them on oath.
It is better to be truthful and disclose the true source of the amount.
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