Regarding cash deposit after 500 rupees banned issue

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

11 November 2016 Respected Experts,

My Wife has Saving account and was working as a teacher, now she is not working from past one and half year and has some amount deposited into bank around 6 lakhs, however she now has 2 lakhs in cash in the denomination of 500 and 1000. can she deposit the amount into the bank, will there be any enquiry about this? Please Suggest

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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11 November 2016 No problem in depositing up to 2.50 lacs.

Querist : Anonymous

Querist : Anonymous (Querist)

11 November 2016 Thank you Sir. Also do we need to file the Returns?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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11 November 2016 Filing of return required if the income earned during the year exceeds 2,50 lacs.

Querist : Anonymous

Querist : Anonymous (Querist)

11 November 2016 Thank you Sir and last Question. This is Out of Curiosity Should i ask my wife to deposit 2 lakhs at once or in Installment? Will there be any Impact if we deposit the amount at once or in Installment. Your Guidance on this is highly appreciated.

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