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(Querist)
15 October 2012 hey,
my frnd wants to convert his black money onyo white.n he want me to give him a cheque n he will giv me the cash.so can u suggest me is it ok do such transaction??
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CA Pooja Agarwal

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CA Pooja Agarwal (Expert)
15 October 2012 what is the amount
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cheena

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cheena (Querist)
15 October 2012 around 3 lacs
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CA Pooja Agarwal

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CA Pooja Agarwal (Expert)
15 October 2012 so u want to give that cheque to him as a gift..right? in that case it will be taxable in his hands u/s 56(2)(vi) in excess of RS. 50000 and you must have that much amount in ur file.ur file amount will get reduced by that much..u cannot show that cash of rs.3 lac in ur file
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SANYAM ARORA

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SANYAM ARORA (Expert)
15 October 2012 This will not be a valid transaction
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cheena

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cheena (Querist)
15 October 2012 hey..sir plz gv me some briefng regarding ths
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