tax treatment
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
03 January 2011
i have an account in bank. My relative have deposited around Rs.10,00,000.00 in my account. I want to know is there any tax liability for me.
03 January 2011
As per section 285BA read along with rule 114E of the Income tax Rules,1962, the bank will inform the Income tax Authorities if cash is deposited in savings bank account if the aggregate of such deposits is Rs.10lakhs or more in an year. The Income tax Authorities in turn will issue notice to the depositor asking, especially among others, the details of the source of such deposit. If the depositor cannot explain the source of deposit to the satis faction of the IT officer, in accordance with law, the deposit will be treated as the income of the depositor, meaning thereby tax ,interest and penalty will be levied on the depositor.
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