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This query is : Resolved
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??
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??
CA Pooja Agarwal
(Expert)
15 October 2012
what is the amount
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
(Expert)
15 October 2012
This will not be a valid transaction
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