amount in savings account
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
17 March 2011
i want to know whether i put 50 lacs in sbi savings acco unt i will be liable to pay tax and i am putting this money on month of march and iwill be putting whole 50 lacs in sbi savings account, and i am not going to withdraw it only after the month of march, and if so ihave to give income tax for theyear, and i f i withdraw and give cheque to muthoot for investing in it it will be problem for me
O.D.SHARMA
(Expert)
18 March 2011
Hi,If you have source to justify the amount (thru AR of IT) this amount have no issue in SB account .Only interest will be taxable as IT Rule
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