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Ramana (Business)     18 April 2024

Regarding deposit of cash to bank account


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.


 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.

Ketan   19 April 2024

why can't they give payment online or through pay order.cash transactions above 2 lac are not allowed

T. Kalaiselvan, Advocate (Advocate)     19 April 2024

The querist should understand the underlying legal consequences for doing the things which may not be legally permissible or valid.

He should cionfine himself to the legal framework if he wants a safe travel

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