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

331 views 5 replies

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 

Replies (5)

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

But how? Please guide

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

From where you raised this cash amount?

Only you can find it out?

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? 

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

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
ARTICLESHIP 08 July 2026
Article internship

AJAY SINGH AND CO LLP

Thane

CA Final

View Details
Company
ARTICLESHIP 15 July 2026
CA Articles

Kinjal H Shah & Co.

Mumbai

CA Foundation

View Details
Company
ARTICLESHIP 16 July 2026
CA Article

Pipara & Co. LLP.

Mumbai

CA Inter

View Details
Company
28 July 2026
Senior accountant

RJ Public School

Bengaluru

B.Com

View Details
Company
ARTICLESHIP 17 July 2026
Article Assistant and B.com pass

BANSAL YOGESH AND CO

Gautam Budh Nagar

B.Com

View Details
Company
ARTICLESHIP 16 July 2026
Article Assistant

Sahil Agarwal & Company

Mumbai

CA Inter

View Details
Company
22 July 2026
Senior Chartered Accountant

SKSS

Patna

CA

View Details
Company
ARTICLESHIP 30 June 2026
Taxation Content Writer Intern

Interactive Media Pvt Ltd.

New Delhi

CA Inter

View Details