sb account doubt.

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

27 May 2011 Hi...I have an sb a/c in corp bank,recently my relative wanted a DD for 750000 rupees, so we went and deposited the amount in my sb a/c and in an hour v got DD for the required sum.. My question is,is there any tax amount i need to pay to the bank? i never transacted such a amount of money before, as i am a student... are there any future consequences??? Pls respond.

CMA. Subhash Kumar Jha

CMA. Subhash Kumar Jha (Expert)
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27 May 2011 No tax is required to be paid..

But since.. this is a high value transaction, IT deptt will keep a tab on such transactions through AIR, filed by banks. So, the account-holder should have the justified source of this deposit & justified explanation of this payment, if need arise in future.

CA Rudresh SR

CA Rudresh SR (Expert)
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27 May 2011 Yes, You don't have to pay any tax on that amount, but you should be very carefull in transacting such a big amount. Moreover you should be able to explain about the source of income & expenditure.

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