If cash deposits are made in a year, apart from income through a fixed source, how can we claim exemption of tax? is it possible to show it as gift and claim exemption? or should it be shown as income and pay tax.
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Income tax
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Hi Maria
1. if we show that cash as gift : if it is from relative than exempt from tax but onus is on you to prove that it was from relative and creditworthness of relative also has to prove.
2. there is no exemption available on that cash deposit in bank account.
3. if we show that is income than we have to pay tax on that (this is the recommended way if amount is not less)
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