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My wife earning

This query is : Resolved 
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(Querist)
10 August 2020 Namaste,

1) My wife earns 1.5 to 2 lakhs per annum by undertaking Home tuition for Primary and high school students .

2) This cash is lying with her in house cupboard amounting Rs 5.5 lakhs for past 3 years.

3) Since she being only daughter to her window 65 years old mother and to meet any unforeseen medical expenditures and also forecasting timely requirement of money making her to keep cash at home.

4) I was not aware off the fees charged by my wife and keeping cash of Rs 5.5 lakhs untill my revealed 3 days ago.

5) Now i directed her to deposit cash in bank as it is unsafe to keep at home for a long time.

6) Now can she deposit 5.5 lakhs in her bank account to avoid tax

7) My mother- in-law ( Wife mother ) also earned 3.5 lakhs in cash by working as LIC agent and running petty shop in front of her house. Can my mother-in-law deposit Rs 3.5 cash in her bank account.

8) I have not given any cash either to my wife nor mother-in-law

PLease advice

Regards
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
11 August 2020 Yes, they can deposit the cash in their bank accounts. You have valid reason for the holding.
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