Ramana (Business) 18 April 2024

Regarding deposit of cash to bank account

Hi,

We have gold ornaments which we got it from ancestrally for both myself and my wife. We both reside outside India for now and my relatives would be selling those ornaments on behalf of us to Gold Shop and they would provide us bill about the purchase and pay required GST.

The thing is they mentioned they would provide us the cash of around 2 crores along with purchase bill.

Now the question is what all documents we need to provide to deposit this large amount (2 crores) to Bank legally?

Let us know the legal ways for this.

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3 Replies

T. Kalaiselvan, Advocate (Advocate) 18 April 2024

The sale deed selling the property (jewels) and your PAN details would need to be provided at the time of depositing this amount.

Besides the buyer would be required to deduct tax at soure towards capital gains tax as the rate appliable to the NRIs/foreign citizens.

a) The tax amount deductible must be paid to the government within seven days of any such transaction made. b) The penalty of not paying TDS on property can go up to Rs. 1 lakh under Section 271H.