How to Deposit in Bank Account

This query is : Resolved

Jatin Garg (Querist)
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21 November 2016 My client has sale his building for Rs 18,00,000.00 in Nov 2014 and not filing any return for any year and how can he deposit 18 lakh in his bank account in this situation. He has advances his money of 18 lacs Rs to many parties for interest and earning interest income from last two year since receipt from sale of building. How can he deposit the 18,00,000 Rs in his Bank A/C

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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22 November 2016 File the return pay the applicable capital gains tax and tax on interest income. Then deposit the amount in to the bank. As the return has been filed and applicable taxes paid penalty will not be levied as per my view.