Hi - We want to deposit around 1.5 crores of rupees to a temple trust in India.
We have cash of 1.5 crores. Can we do cash deposit to the temple trust with such a huge money?
Ramana (Business) 12 February 2024
Hi - We want to deposit around 1.5 crores of rupees to a temple trust in India.
We have cash of 1.5 crores. Can we do cash deposit to the temple trust with such a huge money?
T. Kalaiselvan, Advocate (Advocate) 12 February 2024
As per section 80G maximum deduction allowed for any cash donation is up to Rs. 2000. Finance Act, 2017 amended section 80G so as to provide that no deduction shall be allowed under section 80G in respect of donation of any sum exceeding Rs. 2,000/- unless such sum is paid by any mode other than cash.
Donations can be made through a cheque, a draft, or cash. However, cash donations over Rs 2,000 are not allowed as deductions. 100% of the amount donated or contributed is eligible for deductions.
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