Deposit of amount
This query is : Resolved
Anil Kumar
(Querist)
28 February 2012
I have sold a property in 8 Lakhs.Received amount in Cash.Can I deposit all amount in Cash in my bank ?
Can I do a Fixed deposit in Bank.
Can I do a Fixed deposit in Bank.
SOURAV GOEL
(Expert)
29 February 2012
Immovable Property can be sold for cash.
You can deal with the proceeds the way you want to.
To avoid tax incidence you can make specific investments to claim exemption under section 54.
You can deal with the proceeds the way you want to.
To avoid tax incidence you can make specific investments to claim exemption under section 54.
08 April 2012
Yes the expert is correct and you can deposit the same in your bank account but the problem is now a days that any cash deposit above 1 lac is reported to the IT department and if you deposit 8 lacs at a time then you might receive notice from the income tax department so better you take a cheque and avoid cash deposit.
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