Cash Transaction 50 lakhs

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A client received a Rs 50 lakh cash payment for a property mortgage, only for the Income Tax investigation wing to seize the funds during a survey. The discussion explores available legal remedies to release the seized cash. It highlights that funds may be released if all IT investigations are satisfied, and also reminds readers that cash transactions exceeding Rs 20,000 for loans or deposits are prohibited and can have serious consequences.

Sharma And Company

Sharma And Company (Querist)
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22 December 2023 One of My Client mortgage his property to a lender . he received cash amount Rs 50 lakhs and IT investigation wing seized his cash during survey . What remedies avilable to release the said amount

RAJA P M

RAJA P M (Expert)
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23 December 2023 give proper reason and evidence. Of all are correct and satisfied by investigation wings then it will be release.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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23 December 2023 Certain types of Cash transactions have serious consequences. No person is permitted to accept Rs. 20,000 or more in cash for any loan or deposit

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