My wife earning
This query is : Resolved
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
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
11 August 2020
Yes, they can deposit the cash in their bank accounts. You have valid reason for the holding.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Price inclusive or exclusive of GST while made entry in P& L Account
- TDS Challan - change of FY 2025-26 to TY 2026-27
- Applicability of GST on Salary Reimbursement Component
- Tds on commission charges
- Minimum tax payable to file Updated return
- Dep. as per companies act
- Salary from Qatar in Dollars in India
- UDIN ISSUE
- CHECK RELATED
- Tax rate change regarding
- GST Intimation due to Government took possession of Business Premises under PPE Act
- AUDITOR APPOINTMENT FOR THE YEAR ENDING MARCH 27
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Starting trading business
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
Quick Links
Featured
11 September 2026
Audit Executive
RBSM Corporate Advisors Private Limited
Pune
CA
View Details
ARTICLESHIP
07 September 2026
Article/ Paid Assistant
Murali and Sumeet Chartered Accountant
Bengaluru
CA Foundation
View Details
08 September 2026
Semi-Qualified Assitant
Subrahmanyam & Sivudu CA Firm
Hyderabad
CA Inter
View Details
CCI
Pro
CAclubindia
