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Receive of an amount of rs 20000

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Querist : Anonymous

Querist : Anonymous (Querist)

01 September 2012 Dear Sir

Whether i can receive an amount in cash more than Rs 20000? Whether it is taxable or not?

ACMA Obulirajan R

ACMA Obulirajan R (Expert)
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01 September 2012 Any income irrespective of the mode of payment, it will be taxable..

CA Jeen paul

CA Jeen paul (Expert)
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01 September 2012 income received in cash or kind or cheque or in any other form is taxable in the hands of the assessee.certain assessee are given basic exemption not to pay tax.

in your case i assume that it is a capital not revenue amount under section 269 ss of incometax act if an amount of loan or deposit is received more than Rs.20000/- other wise than by way of account payee cheque/draft penal provision of the act.

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