Deposit of amount
This query is : Resolved
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.
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.
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
- CG Tax On residential property
- Applicable TDS for Purchase of Flat from NRI
- Claiming exemption of perquisite for employee-owned car under New Tax Regime in ITR-2
- Under construction property in ITR
- Gift of mutual fund units to daughter
- PPF interest-As Exempt Income disclosure
- Not able to file ITR
- Upload Level ValidationITR3Category of Defect B/D
- NRI ITR2 account in 2025-26 ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,.
- Building tax payment deduction in rental Income
- Pass word to open justification report for Q1 for FY 2026-27
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
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
