Cash deposits
A P Singh
(Querist) 11 December 2013
This query is : Resolved
Dear Sirs,
Assesse's husband deposited Rs 7 Lac in cash in her savings bank account which was part of the sale consideration of urban land .How will this be treated in the hands of the assesse. Gift ? Transfer? Should this sum be shown in the books / balance sheet of assessee or her husband or both. No document of gift has been executed by the husband at the time of depositing the said cash amt. in the assessee's bank a/c. What are the minimum documentary requirements to be fulfilled.
Also guide as to what is the documentary requirement in case of cash gifts from non relatives eg small amts received in birthday of kids, marriage anniversary or otherwise
Please guide in detail
Thanks in advance
Vineet
(Expert) 12 December 2013
For documentary purposes, plese get a gift letter from husband explaining the mode as well as source of the cash.
This should be supported with sale deed of urban land disclosing cash consideration, return of husband where capital gain on sale of land has neen disclosed.
It is not possible to maintain documents for small gifts. But claim should be supported with evidences of event.
DILIP KUMAR AAGARWAL
(Expert) 12 December 2013
if the maount is from sale of land then it will laible to tax as short term capital or long term capital gain.Since it is deposited in the bank of assessee which can be proved from the sale deed. Assessee can gift this amount to her husband and one gift deed can be executed. Rs.50000/- is the limit for gift from non-relative.Get some sort of docuemt for such gift.
T. Kalaiselvan, Advocate
(Expert) 18 December 2013
