Cash deposit of 51000 by my friend into my account and transferred to his account. What are the tax implications of this and will this be considered as gift. I'm a salaried individual with no tax liability.
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Cash deposit tax implications
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Simply, such receipts may be treated as gifts, and gifts up to a sum of Rs 50,000 are exempt from gift tax. But if bigger amounts are transferred between friends, the entire amount will be subject to tax. If the receipts of your wallets or savings account are settlements of debts owed to you, you don't need to pay taxes on them
Should be treated as gift above 50K and added to income even you returned back...as you cannot treat as temporary loan as cash loan above 20k is not permitted
SEC 269 ST /sec 269S
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