cpc

bulk cash deposit in bank account


Hi Experts,

I am a salaried employee. I am paying Income tax as TDS monthly.

I have been working from last 6 years. I used to withdraw some money monthly and give it to my father to invest somewhere(however no Income on investment)

Now I need to by a property in Bangalore I need to arrange cash for down payment.

My father has all money in cash and wants to deposit in my account.  

IS IT possible to deposit around 10 Lakhs in my account as CASH (Let say 50 or 100K everyday) .

Is it legal or I need to answer Income tax, if they get notification of bulk amount deposit in cash. 

Please note the money which is going to be deposit,  is earned/saved by me over the years and I have proof of Income tax paid. Just don’t want to get involve in Income tax enquiry .

 

Please reply & suggest

Regards

Sandeep

 
Reply   
 
advocate

why are you worring if you have paid the income tax and proof to show the receipts 

he can deposit full amount by giving you pan number 

 
Reply   
 


ADVOCATE

Mr. Mahesh is right. if earned legally paying monthly TDS, no need to worry.

 
Reply   
 
advocate

till it is a legal money u dont have to worry

 
Reply   
 
ADVOCATE

facts given: I am a salaried employee. I am paying Income tax as TDS monthly.

I have been working from last 6 years. I used to withdraw some money monthly and give it to my father to invest somewhere(however no Income on investment)

Now I need to by a property in Bangalore I need to arrange cash for down payment.

My father has all money in cash and wants to deposit in my account.  

Please note the money which is going to be deposit,  is earned/saved by me over the years and I have proof of Income tax paid. Just don’t want to get involve in Income tax enquiry .

YOUR QUERY

1. IS IT possible to deposit around 10 Lakhs in my account as CASH (Let say 50 or 100K everyday) .

2. Is it legal or I need to answer Income tax, if they get notification of bulk amount deposit in cash. 

Replies to 1 &2:

Yes, it is possible to deposit.

Answering the Income Tax Dept, it may not be possible to entirely avoid.

You will have to further establish that

1. the withdrawals were enough to cover your probable living expenses, and the stated monthly savings.

2. The money was actually saved in cash all along, without being advanced to any other person and without deriving any income therefrom.

You may be prepared with a detailed confirmation letter from your father.

 
Reply   
 

LEAVE A REPLY


    

Your are not logged in . Please login to post replies

Click here to Login / Register  



 

  Search Forum








×

Menu

IPC Grand Course     |    x