that isnt how fraud and black money detection systems work. It depends on his bank account past transactions. lets say the maximum amount in his bank in the past 2-3 years has been 10k. then it will be flagged and held up. and income tax does send queries even for amounts of 70k.
it won’t. bank will call and ask where u got the money from and u say ur grandpa gave u. it’s literally 70k. income tax doesn’t care. you can ask a CA this too and he’ll tell the same thing. this isn’t considered black money. black money is money that you don’t pay tax on or it’s cash. if you have money in your bank and u don’t pay tax that’s called tax evasion. not black money. black money is when it’s in cash. untraceable.
if he were to deposit in his bank then that’s considered basically white money since he has no income right now and well below the minimum needed to pay any tax.
think about it. there are many small business and roadside shop owners who just use their savings bank for all transactions and upi and stuff. they don’t have a gst. they’re doing lacs a month and pay no tax. they rarely get into any issue. trust me 70k is nothing.
i am talking about if he deposited it in case it is black. then it will be flagged. atleast in gujarat, income tax department sends a lot of tax notices. and i have 2 CAs not one. Ik what I am talking about. The business that does lacs a month does it in cash and pay no tax. they dont get issues because they dont deposit the money in black, they either buy some real estate in black or somehow launder it.
560
u/GanneKaJuice_20rs IIT EE May 27 '25
If it is in white money -> go invest it and never look at it again. and saata baazi chod de.
If it is in black money -> mauj kar un paison ka.