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The Economic Times
The Economic Times
Neelanjit Das

Lady sold apartment, took Rs 2.5 lakh cash, bought new apartment from son-in-law, paid no tax, got income tax notice; she fights back and wins case in ITAT Chennai

ITAT Chennai ITAT Suresh Surana Chennai Income Tax AO Swaminathan the Income Tax Appellate Tribunal Tribunal

Mrs. Swaminathan from Medavakkam, Chennai, had no idea that she would have got into trouble with the tax department when she sold her apartment in Rajparis on October 4, 2016 through a registered sale deed (no. 10626/2016) for Rs 35.5 lakh, of which Rs 2.5 lakh was in cash. Additionally, she sold various household and electronic items to different vendors for a total of Rs 8.09 lakh, also in cash.

All this cash added up, and with a Rs 1 lakh cash gift from her husband and daughter, and Rs 20,400 household cash, she ended up depositing Rs 11.8 lakh into her bank account.

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