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?
Rupesh Jain
(Expert)
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
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CA Kapil Verma
(Expert)
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.
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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.
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