withdrawl from bank
This query is : Resolved
01 December 2008
If an assessee withdraws Rs.600000 from his bank a/c in the financial year 06-07 ( i.e Rs. 300000 each) and deposits the same amount of Rs. 600000 in next financial year, so is it in accordance with provisions of Income tax? is there any case law related to this?
thx
Shweta
If an assessee withdraws Rs.600000 from his bank a/c in the financial year 06-07 ( i.e Rs. 300000 each) and deposits the same amount of Rs. 600000 in next financial year, so is it in accordance with provisions of Income tax? is there any case law related to this?
thx
Shweta
CA Tilak Raj Sharma
(Expert)
01 December 2008
Your query is not clear.
01 December 2008
The case is:
An assessee withdraws Rs.6,00,000 from his bank a/c in the financial year 06-07 ( i.e Rs. 300000 twice in the year) to purchase some property. But he was not able to purchase the property so, in the financial year 07-08 ( i.e after a gap of atleast 10 months)he deposits the same amount of Rs. 600000 back in the in next financial year, so is it in accordance with provisions of Income tax? is there any case law related to this?
thx
Shweta
The case is:
An assessee withdraws Rs.6,00,000 from his bank a/c in the financial year 06-07 ( i.e Rs. 300000 twice in the year) to purchase some property. But he was not able to purchase the property so, in the financial year 07-08 ( i.e after a gap of atleast 10 months)he deposits the same amount of Rs. 600000 back in the in next financial year, so is it in accordance with provisions of Income tax? is there any case law related to this?
thx
Shweta
CA. Mahesh Agarwal
(Expert)
05 December 2008
there is no problem with Income tax act.
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