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Old notes of 1000 and 500
what will be the tax treatment to a businessman who accepted old notes of Rs.1000 and 500 after 8.11.2016 against sale and deposited the same into his bank accounts.
Replies (3)
No tax on this amount if the same stands explained and is genuine sale consideration..
Since bank accepted such notes and credited to account of businessman, there is no issue as far deposit is concerned.
However onus is on businessman to prove source of money deposited as usual.
However onus is on businessman to prove source of money deposited as usual.
No Tax treatment is to be done on these transactions if you prove that the transactions were genuine and explain Bank ( if so asked ) regarding the source of such money.
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