Cash deposited

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

29 August 2013 Dear Experts,

I have a query about cash deposit in bank at one time actually problem is I have recived near about 30 lac cash from my father and I want to deposited same in my hdfc bank and I have pan card also but I would like to know that this amount will be consider in my income or not if yes then how much will pay as income tax to govt. at the time filling of income tax return.

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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29 August 2013 without proper source of Income, if you deposit the cash in your bank a/c will attract higher tax slab such as 30% need to pay tax

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Querist : Anonymous

Querist : Anonymous (Querist)

29 August 2013 so its means I could not deposit hudge cash amount in one time and can I deposit in partly 4-5 times in bank same amount

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CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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29 August 2013 Huge cash deposit small amount, there should be proper source has to be disclosed. when cheque or any other mode, the source can be identified easily. cash deposit source cannot be identified, so it may invite the notice from Income tax department.

so please proper source of income and declare the same in income tax

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Querist : Anonymous

Querist : Anonymous (Querist)

30 August 2013 so how can I adjust this amount of rs 30 lac plz help me...

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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30 August 2013 if you have the correct source of income for cash. no need to worry