Limit on receiving deposits in saving accounts via imps/neft

This query is : Resolved

Akhil Jain (Querist)
Follow

13 February 2017 My friends from France came to India in December for 3 months (When Cash Crunch was at its peak) to do some shows but the show management refused to pay them in cash and they also said they can't transfer the payment to the Foreign Bank Account. To help them out, I proposed to give them my spare debit card and said you can receive one or two payments in this account (up to Rs 50000) until the situation gets better. But due to some unseen circumstances I had to accept their multiple payments which aggregates to around Rs 1.5 Lakhs, I don't have any other Income but I did some cash transactions this year in the month of May and June for around Rs 2 Lakhs approximately. How should I treat them in my return (or under which head I should show them in my return) and does this imply any Tax implications on me?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
Follow

13 February 2017 You need not worry if the amount of 1.5 lacs belongs to your friend. As the income not belong to you no need to file any return for this small amount. The basic exemption limit is 2.5 lacs.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now