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Cash deposted to bank over rs. 10,00,000/-

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09 November 2016 Mr. B has 2 bank account with first account holder one of State bank and another one of ICICI bank. He has deposited in SBI 7,00,000/- and deposited 6,00,000/- in ICICI bank. Now is it treated cash deposited over 10,00,000/- whether it is difference bank?

CA SUNIL K GARG

CA SUNIL K GARG (Expert)
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09 November 2016 Cash deposited in bank will be linked by PAN over different banks. Amount deposited in different bank will be accumulated to one person account vide linking with PAN. Hence this amount will be treated as cash deposited over Rs. 10 Lakhs.

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