Regarding Cash

Abdul Jillani (Querist) 10 November 2016 This query is : Resolved
I have 27 lacs in cash, as my father was expired in sept2014 and after that we have received Rs.16lacs from SBI PPF, Rs.6lacs From LIC and Rs. 6lacs from SBI Life insurance. And I withdraw all money for marriage of our single sister. Will any problem in depositing the money back in bank.

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Abdul Jillani (Querist) 10 November 2016
Please help me with your hounrable advices because i am feeling helpless as we have our genuine cash

Guest (Expert) 10 November 2016
You Could Deposit the Cash in your A/C.There will Not be any Problem.If Any Details Required by Income Tax dept at Later Stage Be Prepared with all the evidence said by you.

Surrender K Singal (Expert) 10 November 2016
No problem...you have letitimate source of your cash that can surely be deposited. Why was it at all withdrawn in cash risking its security ?

Ms.Usha Kapoor (Expert) 10 November 2016
AGREE WITH EXPERTS/.

Kumar Doab (Expert) 10 November 2016
Keep the proof of source of funds with you.

Consult your counsel specializing in I Tax matters.

Rajendra K Goyal (Expert) 10 November 2016
Unable to calculate whether total cash is 55 lacs or 27 lacs.

However, both figures are as such that can not be avoided by the IT department. Collect proofs of cash withdrawn from Bank and when it was withdrawn.

Immediately contact a seasoned tax consultant / CA to take appropriate steps.

You have to mention solid / acceptable reasons to keep such a heavy cash with you and why it was not kept with the Bank after maturity of the claim of the proceeds of your father.

Kumar Doab (Expert) 10 November 2016
Your counsel can advise you on liability of tax and you can file accordingly.

adv.bharat @ PUNE (Expert) 10 November 2016
consult tax lawyer.

adv.bharat @ PUNE (Expert) 10 November 2016
if legal source then need not worry about it.

krishna mohan (Expert) 11 November 2016
You may deposit cash in your account and your sisters account as both will the legal heir. Taxation related issues you may take the help of CA for payment of IT as per IT Act.