I have a query about cash deposit in bank at one time actually problem is I have recived near about 30 lac cash from my father and I want to deposited same in my hdfc bank and I have pan card also but I would like to know that this amount will be consider in my income or not if yes then how much will pay as income tax to govt. at the time filling of income tax return.
29 August 2013
Huge cash deposit small amount, there should be proper source has to be disclosed. when cheque or any other mode, the source can be identified easily. cash deposit source cannot be identified, so it may invite the notice from Income tax department.
so please proper source of income and declare the same in income tax