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sb account doubt.

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Querist : Anonymous

Querist : Anonymous (Querist)

27 May 2011 Hi...I have an sb a/c in corp bank,recently my relative wanted a DD for 750000 rupees, so we went and deposited the amount in my sb a/c and in an hour v got DD for the required sum.. My question is,is there any tax amount i need to pay to the bank? i never transacted such a amount of money before, as i am a student... are there any future consequences??? Pls respond.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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27 May 2011 In future, do not make such transactions through your bank account which are not yours.

I wish that there will be no problem for this single transaction. You need not to worry.

Ashok Asthana

Ashok Asthana (Expert)
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27 May 2011 Where did you get the money ? Has income tax been paid on the same ? How will you justify such a deposit ? Never do such thing again. Mr. Bafna is right, but be cautious.

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