Withdrawal of cash in a single day from savings account

This query is : Open

Querist : Anonymous

Querist : Anonymous (Querist)

17 June 2015 Good Morning Experts !

I had sold my property and I deposit the amount in my savings account. Now I have find a property to purchase, but in this case I need some cash to be paid to the seller, so my query is can I withdraw some cash of 9 lakhs from the money which I got against my property sold, will it attract any TDS?

Please guide
Thank and regards

Ankur Singhal

Ankur Singhal (Expert)
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17 June 2015 Dear TDS in case of purchase of property is applicable if the value as per registry exceeds Rs.50lakhs.
If value does not exceeds Rs.50 lakhs. then no need to deduct TDS.

Yes, you can withdraw money from your saving bank account as you have the justified source for your funds lying in bank account.

Querist : Anonymous

Querist : Anonymous (Querist)

17 June 2015 Thank you Ankurji for your reply, if the registry amount is less than 50 lakhs, only concern was if the amount of Rs 9 lakhs is withdrawn from the amount which was registered at the time of sale of agreement, will there be any reconcile of this amount being lesser since I will be adding some loan amount on re-investing it in the new property.

Kindly guide

Thanks once again

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