We deposited 20 Lakh cash & pre closed home loan. Is there any issue?

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5 Points Posted on 22 July 2023

We are three real brothers. In the last financial year 22-23, our resident status was changed. 
 

Also, we pre-closed home loan by depositing 20 lakh cash in the bank. Now that amount is reflecting in AIS of our PAN Cards.

 

Brother 1: I withdrew 6 lakh cash the same financial year from the bank acccount.

 

Brother 2: He withdrew 1 Lakh in 22-23 YR.

Brother 3: He didn't withdraw money in 22-23 financial year.

 

so is there any issue ? Because it was a big cash amount? If yes, then how can we file ITR now and is there solution? Please suggest. Thanks 

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On 22 July 2023 at 16:52 Report
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Quick Summary
Three brothers deposited £20 lakh cash to pre-close their home loan, which now appears on their AIS. One brother withdrew £6 lakh, another £1 lakh, and the third none in the same financial year. They are concerned about potential tax issues due to the large cash deposit and seek guidance on filing their ITR and providing evidence for the cash source, especially as their income is from an Indian digital marketing agency serving clients abroad.

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SEO Sai Gr. Hosp.
212535 Points Posted on 23 July 2023

Whenever any query arises from ITD, keep records handy for the source of cash at hand of Rs. 20 lakhs.

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On 23 July 2023 at 12:35
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5 Points Posted on 23 July 2023

But how? Please guide

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On 23 July 2023 at 12:52
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SEO Sai Gr. Hosp.
212535 Points Posted on 23 July 2023

Check your accounts for the source of cash (deposits in Bank).

From where you raised this cash amount?

Only you can find it out?

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On 23 July 2023 at 13:59
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5 Points Posted on 23 July 2023

Hello, we run digital marketing agency and our income was generated from out of India only. During the last financial year cash was not deposited in the bank. How to create evidences. Can we show that we received that cash from the Indian clients in the form of cash for services? 

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On 23 July 2023 at 14:09
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SEO Sai Gr. Hosp.
212535 Points Posted on 23 July 2023

You will be asked to provide its details in writing with supporting documents, as everything is online. No face-to-face explanation.

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On 23 July 2023 at 16:14

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