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Tax on cash deposited during demonetization
16-Dec-2023 (In Tax Law)
I have been supporting financially my younger brother in India since I moved to Canada in 1969. He has never earned an income. I have proof showing dollar transfers to his account. We kept about 35 lakhs at home for emergencies. In 2016 we had to put all that cash back in the bank because of demonetization. Since I don’t have an Indian account and no PAN card, I had to use his account. After demonetization I sold a plot which I gifted him so I could buy him an apartment.
Now Income Tax dept is charging him 40 lakhs for that cash deposit. He DOES NOT have any source of income except the money I send from Canada.
Right now our CA is dealing with the dept. Can I appeal .
hi
if you can demonstrate to the income tax that you have been earning income in Canada and also show documents pertaining to transfer of monies to his bank account and bank statement pertaining to cash withdrawal, then no need to worry.
also the procedure is first your auditor needs to appear before tax officer and if the orders are against you, you can appeal to commissioner of income tax . if you are still aggrieved by order of commissioner of income tax, you can appeal to Income Tax Administrative tribunal.
if you can demonstrate to the income tax that you have been earning income in Canada and also show documents pertaining to transfer of monies to his bank account and bank statement pertaining to cash withdrawal, then no need to worry.
also the procedure is first your auditor needs to appear before tax officer and if the orders are against you, you can appeal to commissioner of income tax . if you are still aggrieved by order of commissioner of income tax, you can appeal to Income Tax Administrative tribunal.
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Adv. Rajagopalan
Hyderabad | 500+ Answers
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you can appeal in the High Court for relief if an opportunity to is given I will file RIT petition in High Court at the time of demonstration income tax apartment has given some exceptions and relief for the for the NR ice
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Adv. G Ganga Venugopala Krishna
Hyderabad | 200+ Answers
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