27 May 2011
Hi...I have an sb a/c in corp bank,recently my relative wanted a DD for 750000 rupees, so we went and deposited the amount in my sb a/c and in an hour v got DD for the required sum.. My question is,is there any tax amount i need to pay to the bank? i never transacted such a amount of money before, as i am a student... are there any future consequences??? Pls respond.
But since.. this is a high value transaction, IT deptt will keep a tab on such transactions through AIR, filed by banks. So, the account-holder should have the justified source of this deposit & justified explanation of this payment, if need arise in future.
27 May 2011
Yes, You don't have to pay any tax on that amount, but you should be very carefull in transacting such a big amount. Moreover you should be able to explain about the source of income & expenditure.
CAclubindia
