Notice regarding time deposit more than 2,00,000/-
This query is : Resolved
28 May 2017
My sister is housewife. She made a fixed deposit of Rupees five lakhs in FY 2014-15. She received a notice on 27/5/2017 of IT Department regarding investment more than Rs. 2,00,000/-. What reply should be given to IT Department in this regard ?
CA CS Jainam Shah
(Expert)
28 May 2017
If there is no any other income in your sister's name then you should give answer that income is below exemption limit and hence return is not filled.
Vidya Jain
(Expert)
28 May 2017
You need to mention the source of the income, which can be out of personal savings
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