Civil Procedure Code (CPC)

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(Guest)

Transfer of money from one to another saving bank account

Respected sir, I am a retired employee of BSNL, retired from service on 31-01-2015, Thereafter I got my retirement dues such as death cum retirement gratuity & leave encashment etc. BSNL Mumbai office has deposited an amount of Rs: 14,23,835 and Rs: 4,00,000/- in my account after deducting taxes. So the total of Rs: 18,23,835/- was balance in my account in Union bank of India, Amravati. Thereafter I given the above amount to my relatives & brother as loan and in the same account I am having only 1,000/- as minimum balance. I am also having a saving Bank account in other bank i.e. central bank of India which is nearer to my residence. After receipt of my loan money from my relatives & brother I deposited the same in the Central bank of India. Now how I can prove that this amount was my earlier amount received in the form of retirement dues. The Union bank of India has deducted TDS on the interest of deposited amount. I am having all the received amount entries in the saving Bank passbook. Please examine the issue and guide me accordingly. Thanks,


 3 Replies

Ashok Thakur (Senior Lawyer and International Law Consultant)     19 November 2016

What I understand is that you have Savings Bank Account in Union Bank of India at it's Amravati Branch, in which you received a transfer deposit of Rs. 18,23,835/- after TDS by BSNL, Mumbai.

Thereafter, you lended Rs. 18,22,835/- to your Brother and other relatives and received back the same Union Bank of India, Amravati Branch, and thereafter deposited the same in your another Bank Account at Central Bank of India.

Question:

1. Was there any compelling specific reason to do so ?

2. Do you have the RECEIPT of TDS on interst paid by Union Bank of India ?

3. If yes, what is the necessacity of proving or establishing the deposit made at Central Bank of India is the same amount that you received from BSNL as your Death and Retirement Benefits ?

I need the above answers before I advise you as an expert.

Ashok Thakur

 

SHARAD CHANDRA DANEJ (Asstt. Manager)     21 November 2016

Its easy to prove that you have given loan to your relatives if you have made payment to them by cheques. They too must have given you cheques when they returned the money you lent them. Moreover you have the entries in your passbooks of both the banks. You need not worry at all. you have already paid TDS on this amount which you can very well show if asked by tax authorities. Nothing to worry. Be relaxed.

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advocatepassy@gmail.com 971794 (Advocate)     26 November 2016

Though you may have all the proofs with you, yet your action of giving all the money to your brother and relatives, but just keeping Rs. 1000/- in your account, smells something fishy. It may be difficult to convince the tax authorities of why you did this.

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