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?
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Section 269ss and 269t
Replies (1)
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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