amount in savings account

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

17 March 2011 i want to know whether i put 50 lacs in sbi savings acco unt i will be liable to pay tax and i am putting this money on month of march and iwill be putting whole 50 lacs in sbi savings account, and i am not going to withdraw it only after the month of march, and if so ihave to give income tax for theyear, and i f i withdraw and give cheque to muthoot for investing in it it will be problem for me

O.D.SHARMA

O.D.SHARMA (Expert)
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18 March 2011 Hi,If you have source to justify the amount (thru AR of IT) this amount have no issue in SB account .Only interest will be taxable as IT Rule