pankaj (director) 08 December 2010
My wife has her own personal saving in cash to the tune of 4lakhs. She had been filing income tax returns . Now we want to utilise this amount for purchase of a property jointly .Will there be any complication if we use this amount straight away by depositing it in builders account through bank tyransaction (cheque/draft)?
A V Vishal (Advocate) 08 December 2010
Since the Income is declared, there is absolutely no problem in the transaction moresoever, when the builder is being paid through an account payee cheque or demand draft/pay order.
pankaj (director) 08 December 2010
Thanks for the reply sir. It means that so far as the income is declared and returns are filed regularly, "cash kept in savings bank account" and "cash in hand" do not have any difference and there is no problem in affecting any bank transanction of the 'cash in hand' through DD/Acount payee cheque.
Deepak Goel (Tax Consultant) 09 December 2010
Yes, absolutely no problem if you are filling income tax return regularly.
Shayan Khan (B.com) 11 December 2010
Go ahead......
Member Strength 9,46,700 and growing..
© 2024 LAWyersclubindia.com. Let us grow stronger by mutual exchange of knowledge.
