Cash deposit
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
26 June 2013
Dear sir,
An individual person holding an savings account and he kept the minimum balance every month. He sold his land for Rs.10 Lakh on a particular month. Whether he want to submit any proof to the bank to deposit this bulk amount?
An individual person holding an savings account and he kept the minimum balance every month. He sold his land for Rs.10 Lakh on a particular month. Whether he want to submit any proof to the bank to deposit this bulk amount?
26 June 2013
no bank demand no proof
but income tax demand cash deposit rs. 10 lacs or excess deposite in any a/c
then income tqax deptt call u for source of Rs. 10 lacs
but income tax demand cash deposit rs. 10 lacs or excess deposite in any a/c
then income tqax deptt call u for source of Rs. 10 lacs
Message likes :
1 times
26 June 2013
but if you the capital gain/loss for the sales of that property in ITR.
No notice will be received.
So, do file you Income Tax return.
No notice will be received.
So, do file you Income Tax return.
Message likes :
1 times
26 June 2013
No proof required to be submitted to bank. You will just have to quote your PAN no while depositing the CASH. Quoting PAN in deposit challan is mandatory for Cash deposit of Rs 50000 or above.
But remember at the time of assessment you will have to show the source of such funds to Income Tax Department.
But remember at the time of assessment you will have to show the source of such funds to Income Tax Department.
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- GST ITC REVERSE
- Fixe term employment
- Is any professional CA is here please reply
- RCM ISSUE ON RENT AND TRANSPORTATION CHARGES
- Reprocessing of rectification order AY 2025-26
- Gift Received from nonblood relative
- EXPORT BILL UNDER LUT FREIGHT CHARGE INCLUED IN INVOICE IT LIABLE TO TAX
- Putting a heading on received mail
- Tax Audit u/s 44AB for Transport Business A proprietorship is engaged in transportation business and
- Foreign lottery ticket bought online from India: legality, tax and consequences
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
