Demonetization

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abhirath (Querist)
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25 November 2016 Sir suppose if Mr X has 10 crores of black money . Now he wants to convert all into white . Instead of depositing into others savings bank a/c , if he deposits this 10 crs with some temple's account and later encashed it with the consent of all trustees , will he escape from hands of IT authorities ?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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25 November 2016 Temple funds can't be en cashed back. Deposit the amount in X's ac and pay the tax and file the return treating it as current year income. Govt is proposing to levy 60% tax on such deposits.

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