Borrowing money

A cash transaction of Rs 2 lakh or more in one day may result in a penalty

This even applies to transactions with close relatives; the penalty can be up to 100% of the amount received

Topics
Personal finance | Income tax


In a recent case, the Income Tax Appeal Tribunal (ITAT), Delhi Bench, ruled that cash gifts from a brother and sister cannot be treated as ‘unexplained’ by the appraising officer, especially if given for a medical emergency. The case, however, once again underscores the need for taxpayers to know the rules and limits that govern cash transactions.


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First published: Thursday, August 18, 2022. 9:17 PM IST