About withdrawl of FD's

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This discussion addresses concerns about withdrawing a large sum from Fixed Deposits (FDs) held in a mother's account, intended for a property purchase. The user is seeking clarification on cash withdrawal limits and potential tax implications. The advice provided suggests breaking the FD and transferring the funds to a savings account, from which a cheque can be issued, avoiding restrictions associated with cash payments.

bhavani P

bhavani P (Querist)
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12 June 2024 Respected sir/ madam
We had send our savings to my mother and deposited Rs.70Lakhs in FD in my mother A/c for which already tax paid on that amount....now we want buy a property, for that we have to withdraw my money from the bank...now my doubt is howmuch amount we can withdraw in cash...is there any tax is attracted to withdraw the amount??
Without attracting tax what I can do??
Please answer to me

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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12 June 2024 You can break the FD, bank will deposit the redemption amount to your savings account, from where you can issue cheque. There won't be any restriction for such payments by banking mode.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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31 August 2024 Good luck.

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