cash deposit limit ?

This query is : Resolved

RAJENDRA ATMARAM AHIRE (Querist)
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12 July 2009 Dear Sir,

I sold my house for Rs. 700000/- & i have received this amount in cheque. can i deposit its in my saving account?

how much amount will be tax applicable ?

Please give me solution.

Thanks in advance!!!!!!!1

Rajendra

CA. B.SRINIVASULU

CA. B.SRINIVASULU (Expert)
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12 July 2009 You can deposit that cheque in your savings Bank account and if the manager asks for the source you can show the agreement to sell or sale deed.

Capital gain tax will be attracted. You have to calculate based on the indexation method. Please go through the chapter capital gains under income tax.