Large cash deposit

Reah Pillai (Querist) 17 August 2015 This query is : Resolved
Sir/Madam,

I live in bangalore am vacating the house which was on lease. the owner gave me a cash of around 5 lacs(lease amount).We have been staying in this house for around 8 years.

Now i want to deposit this cash in bank. Have i to mention this in my it returns as this is a cash accumulated for a long time.

Waiting for your reply.

Regards

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Guest (Expert) 17 August 2015
Better Consult the CA Club of this same Forum for a Reply From Professional Chartered Accountants

Rajendra K Goyal (Expert) 17 August 2015
It would be better to take cheque. Cash transaction above Rs. 20,000/- has restrictions.

Due to heavy cash transaction IT department may send notice (on the basis of mandatory information send by Banks for cash transaction above a thresh hold limit) and you have to satisfy the tax authorities regarding this transaction.