Demonetization of 500/1000rs notes
This query is : Resolved
pranjit dutta
(Querist)
10 November 2016
Dear Concerned ,
My mom who is a housewife, and looks after the Rent (landlady) matters of our Residential Propety has a cash amount of Approx 9.5 lacs of 500/1000rs Denominations saved over a period of 4-5 years. Currently she is a senior citizen and has a bank account as well with valid PAN details made prior 2years . However she has never filed income tax returns. Now when Modi Govt has done demonetization , my Mom is liable to deposit the amount in her Bank Account. However as the amount is More than 2.5 lacs and also not disclosed in the IT return (not filed) , she is likely to attract huge penalty chages . Kindly suggest a suitable solution to the issue.
CA R SEETHARAMAN
(Expert)
10 November 2016
Penalty will be levied for deposits above 10 lacs. So deposit the amount and file the return and pay applicable taxes.
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