I run a medical shop i have given cash to my father on different dates the amount is 9 lacs how can i show this in my it returns .
please help.
I run a medical shop i have given cash to my father on different dates the amount is 9 lacs how can i show this in my it returns .
please help.
Gift to relative is completely exempted irrespective of the amount, however as per the provisions of 269ST any person who receives any payment in cash greater than 2 lakhs will be penalised.
and this section is applicable from 1.4.2017, if the transactions happened in the FY 17-18 then tax shall be levied as being a cash receipt
Thanks for the reply ,this transaction happened in 2016-17 .
Naveen Fintech Pvt Ltd
Kolkata
CA Inter
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Gupta Sachdeva & Co. Chartered Accountants
New Delhi
CA Final
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