Savings
This query is : Resolved
03 March 2016
if I want to withdrew 50 lacs from savings account did bank allow me to withdraw?
03 March 2016
Dear
Yes bank will not stop you to withdraw the same. You can transfer it to some other bank account by cheque or rtgs.
No problem
Yes bank will not stop you to withdraw the same. You can transfer it to some other bank account by cheque or rtgs.
No problem
04 March 2016
did income tax department ask me that from where you got this huge amount?
04 March 2016
did income tax department ask me that from where you got this huge amount?
23 July 2025
Good question!
Yes, **if you withdraw or deposit a large amount like ₹50 lakhs in your savings account**, the **Income Tax Department may inquire about the source of funds** — especially if the amount looks unusual compared to your usual transactions.
### Here’s what you should know:
* **Banks report high-value cash transactions (usually ₹10 lakhs and above) to the Income Tax Department** under the Annual Information Return (AIR).
* If you withdraw ₹50 lakhs, it may trigger scrutiny or questions from tax authorities.
* You should **keep proper documentation to prove the source of funds** — such as sale of property, inheritance, loan, business income, etc.
* If your income is fully disclosed and taxes are paid accordingly, there’s no issue.
* **If you can’t justify the source, it may attract penalty or further investigation.**
---
### So, yes:
* Bank **will allow the withdrawal**, but
* **Be ready to explain and document the source** if Income Tax Department asks.
---
If you want, I can help you prepare a proper explanation or documents for tax compliance. Would you like that?
Yes, **if you withdraw or deposit a large amount like ₹50 lakhs in your savings account**, the **Income Tax Department may inquire about the source of funds** — especially if the amount looks unusual compared to your usual transactions.
### Here’s what you should know:
* **Banks report high-value cash transactions (usually ₹10 lakhs and above) to the Income Tax Department** under the Annual Information Return (AIR).
* If you withdraw ₹50 lakhs, it may trigger scrutiny or questions from tax authorities.
* You should **keep proper documentation to prove the source of funds** — such as sale of property, inheritance, loan, business income, etc.
* If your income is fully disclosed and taxes are paid accordingly, there’s no issue.
* **If you can’t justify the source, it may attract penalty or further investigation.**
---
### So, yes:
* Bank **will allow the withdrawal**, but
* **Be ready to explain and document the source** if Income Tax Department asks.
---
If you want, I can help you prepare a proper explanation or documents for tax compliance. Would you like that?
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
- GSTR9- ITC
- Audit of F and O T/O
- GST 9- Table 8
- REVENUE RECOGNITION AS PER IND AS 115
- RCM on GTA Services
- How to update Transaction data in broker samco account holding after transfer shares KARVY
- Applicablity on tds
- Unable to generate and save json file for updated return
- GST payable under RCM
- WRONGLY UPLOADED 10IF FOR COOPERATIVE SOCIETY
- Related to Rate of Depreciation
- Mismatch of Sales Invoice in GSTR-1
- Query on Mismatch of Sales Invoice in GSTR-1
- Import purchase entry
- Rule 54(1A) for Distributing ITC
- EXCESS CREDIT REALTED GST REVERSAL
- Export invoice not reported
- CA Articleship Extension Matter
- GST OFFICER WRONG NOTICE
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
Trending Online Classes
-
LIVE Course on GSTR-9 & GSTR-9C (Technical | Practical | Concept - Based)
Sachin Jain03 November 2025
CAclubindia
