Wealth tax on cash
This query is : Open
04 September 2013
dear sir,
Mr. A received 95 lakhs as a gift 3 yrs ago in cash on his marriage occasion. My query is if we have total cash on hand last 3 yrs then we have to pay wealth tax on that or not?
And one more is what is the maximum amount we have to deposit on minor bank ac? If we deposit on his acc is there any benifts for guardian or parents directly or indirectly. If we deposit excess is there any problem from IT dept.
Mr. A received 95 lakhs as a gift 3 yrs ago in cash on his marriage occasion. My query is if we have total cash on hand last 3 yrs then we have to pay wealth tax on that or not?
And one more is what is the maximum amount we have to deposit on minor bank ac? If we deposit on his acc is there any benifts for guardian or parents directly or indirectly. If we deposit excess is there any problem from IT dept.
04 September 2013
as per wealth tax act rs. 50000/- above amount include for wealth tax.
no limit for deposit cash in bank in a day
but at present every bank may fix limit for accepting the cash in bank and after that sum service charge charged from you.
moreover, income tax deptt. collect information from bank for deposit cash in a bank over one specified limit.
no limit for deposit cash in bank in a day
but at present every bank may fix limit for accepting the cash in bank and after that sum service charge charged from you.
moreover, income tax deptt. collect information from bank for deposit cash in a bank over one specified limit.
04 September 2013
thank u sir,
now we have to pay wealth tax on 95,00,000 for 3 years. IN what basis we have to pay.
now we have to pay wealth tax on 95,00,000 for 3 years. IN what basis we have to pay.
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