My cousin received last week a notice from Inciome tax central processing that a property purchased by him in 2014 for amount exceeding 50 lacs is non pan and wheter he owns this proprty transaction or if he wants to declare it under income disclosure scheme
He made this payment form his bank by breaking his FDR.
However his FDR was built by cash desposits also in the bank accout over a period of 3 years and exceeded in 2 years more than 10 lacs.
So he is afriad this query may also be raised and whether he committed mistake by depositing cash money with him in bank
Why he received this property notcie when it was in order and PAN numbers were already given and transfer tax was also promptly paid.
Property purchase is showing in relevant table in 26as form also now.
There appears to be a limnkage of this with current IDS 2016 being marketed by government
What option he has.
Would like to ask if
There is anything wrong in depositing cash in his own account and if he has to explain its sources in case same is pointed by revenue servcie offcials
Can he land in trouble
ofcourse he as confirmed and owned up property trabnsaction to be form his own retunrs.
CAclubindia
