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Implications of lump sum amount credited to saving bank account

Suvarna (student) (39 Points)

29 April 2016

if person receives, maturity proceeds of RS.5 lacs or more by pay order which he require to deposit in saving bank a/c. what are the implications from income tax point of view? what are the ways to invest that amount?

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3 Replies

Udgam Koomar (Tax Technologist) (1949 Points)
Replied 29 April 2016

where did this come from, source>??

Suvarna (student) (39 Points)
Replied 29 April 2016

Thanks for reply

It comes from retirement proceeds, which are invested in post office MIS

U S Sharma (glidor@gmail.com) (21056 Points)
Replied 29 April 2016

if source of principal is confirmed and tax paid, and interest is also tax paid or deemed to be tax paid, then no issue,

in case of any query from department, the assesee has to produce the records and establish that these savings were made from tax paid income in past and interest accured were also offered for tax purpose in the year of accural