Query reg recent demonetization scheme

196 views 3 replies

I am a salaried professional and my salary is in range of 20-30 lpa.

Every month, I transfer maximum amount to my mother's account, saving myself only what I need in a month (30-40k). My mother then withdraws that amount from her saving account.

I didn't withdrew cash from my account, I just transferred amount to my mother's account and she withdrew cash from her account.

Now, I want to deposit 11 lacs to my account. Will there be any problem?

I have salary account and I have already paid income tax on my salary. I have all the ITR proofs with me.

In year 2015-2016, I paid income tax of 3.5lac approx. on my income of 19lacs approx. I have the payslips and ITR return with me.

Replies (3)

Prepare cash flow chart for your mother, and may deposit the balance available as at hand to her account.

What is cash flow chart? Sorry for the naive question.

Withdrawals from bank, less all cash expenditures during period, final cash at hand; in short.

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