12 June 2024
Respected sir/ madam We had send our savings to my mother and deposited Rs.70Lakhs in FD in my mother A/c for which already tax paid on that amount....now we want buy a property, for that we have to withdraw my money from the bank...now my doubt is howmuch amount we can withdraw in cash...is there any tax is attracted to withdraw the amount?? Without attracting tax what I can do?? Please answer to me
12 June 2024
You can break the FD, bank will deposit the redemption amount to your savings account, from where you can issue cheque. There won't be any restriction for such payments by banking mode.
CAclubindia
