Cash deposit

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

26 June 2013 Dear sir,

An individual person holding an savings account and he kept the minimum balance every month. He sold his land for Rs.10 Lakh on a particular month. Whether he want to submit any proof to the bank to deposit this bulk amount?

Rupesh Jain

Rupesh Jain (Expert)
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26 June 2013 no bank demand no proof
but income tax demand cash deposit rs. 10 lacs or excess deposite in any a/c

then income tqax deptt call u for source of Rs. 10 lacs

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CA Kapil Verma

CA Kapil Verma (Expert)
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26 June 2013 but if you the capital gain/loss for the sales of that property in ITR.

No notice will be received.

So, do file you Income Tax return.

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CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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26 June 2013 No proof required to be submitted to bank. You will just have to quote your PAN no while depositing the CASH. Quoting PAN in deposit challan is mandatory for Cash deposit of Rs 50000 or above.

But remember at the time of assessment you will have to show the source of such funds to Income Tax Department.

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