Deposits in bank
This query is : Resolved
20 January 2016
One of our client have withdrawn chit amount in cash of Rs.3,50,000 for purchase of House(Advance). They need to deposit such amount in their own bank A/c for obtaining Housing Loan & the amount is then transferred to contractor of the House.
The Applicant of Loan is an Government Employee.
Now the query is.,is there any problem in depositing such amount at a time into the bank.
How to account such transaction?
The Applicant of Loan is an Government Employee.
Now the query is.,is there any problem in depositing such amount at a time into the bank.
How to account such transaction?
20 January 2016
No, but there should be proper document/ evidence for source of money.
You can show chit fund withdrawn under liability monthly contribution can be adjusted against advance money drawn.
You can show chit fund withdrawn under liability monthly contribution can be adjusted against advance money drawn.
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