If a person has taken a cash of 3 Lakhs from a friend.
Will it attract 269T if caught by IT department?
If he says it was a gift. Will he have to just pay tax as per gift tax and escape 100% penalty under 269T?
1 Replies
498akadushman
(Software Engineer)
(92 Points)
Replied 07 November 2013
Thanks Mr Akshay.
The point is If he can show the transaction as gift he will have to pay at max 30% tax based on the slab he is in and escape 100% penalty.
That can be huge difference.
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