Bank deposits and withdrawals
This query is : Resolved
ANKIT MUNOT
(Querist)
25 October 2011
Is there any limit on deposits and withdrawals from bank account as per income tax act? Do every transaction in your pass book needs to be disclosed to IT dept?
If you transfer any amount to your family from your a/c will it be considered as loan/gift/payment?
If you transfer any amount to your family from your a/c will it be considered as loan/gift/payment?
U S Sharma
(Expert)
25 October 2011
every transaction needs a narration otherwise it would be treated as drawings for personal expenses.
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ANKIT MUNOT
(Querist)
04 November 2011
Thank you sir.... what about amount transferred to family members bank account? what will it be considered as? can we take it as personal expense?
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