Aggregate Cash deposited during demonetisation
Bank 1 = ₹ 168000
Bank 2 = ₹ 48000
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Total = ₹ 216000
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The above amount includes a personal loan(gold loan = ₹ 130000) taken for house repair purposes from the above said bank 1 in May and August 2016, but not utilised due to borewell issue and subsequently redeposited during demonetization.( Gold loan ₹ 130000 +Business commission Income ₹ 86000)
Commission income Deposited prior to demonetization = ₹ 45000
1. Do I need to file IT return?
2. If yes, do I need to mention the currency deposited during demonetisation against each bank?
3. Apart from Gold loan, I have no income other than the 86000+45000 for 2016-17. Will gold loan, not utilised for the said purposes, be added and treated as income and taxed accordingly?
4. Not an assesse till today. But PAN available.
Requesting your clarification please.
CAclubindia
