Recurring deposit and Fixed deposit query

Tax queries 361 views 3 replies

Guest

Hi sir/mam, I am working in unorganized sector.. have sold a house for 30 lakh. the buyer gave 20 lakh in cheque and 10 lakh in cash. I want to deposit 10 lakh as fixed deposit. is it possible atleast 5 lakh into fixed deposit ?

or shall i split it in recurring deposit. ?

if not, what should i do ? please resolve my query.

Thanks

Replies (3)

ajeet singh

1392 Points Posted on 22 October 2021

Never do that, first all cash transaction above 2lkh is prohibated undee it law

CA. Sourav Sarkar

Chartered Accountant

24588 Points Posted on 22 October 2021

You should deposit the cash amount in bank account under small divisions like 100000 rupees in a day etc.. after depositing all of the amount you should fixed deposit such amount then no problem will happen

Suresh Aravind

2 Points Posted on 25 December 2024

my father was holding savings account with a bank with my Mother as the joint holder.

He also had a Fixed Deposit with the same bank. The FD certificate was misplaced by my father. Recently my father expired in 2023 and my Mother had expired in year 2021 . I am the sole nominee to both the savings A/c and this FD account. As a part of the death claim the FD amount and SB accounts was to be transferred to my savings account and their account closed in your system. However as per the branch I need to file police complaint, apply advertisement in local and regional paper. Since im the nominee cant the FD and savings amount be transferred to my account and their account closed.