Savings
This query is : Resolved
03 March 2016
if I want to withdrew 50 lacs from savings account did bank allow me to withdraw?
Ankur Singhal
(Expert)
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?
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