Trf the fund from cc a/c to saving a/c

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

29 March 2016 Dear All,
Can i trf the fund from CC a/c to saving a/c Rs. 12 lacs, in two transaction 6 lacs and 6 lacs, plz tell me weather trf of amount in saving a/c would be consider as the definition of deposit and crossed the limit of 10 lacs
Also let me know if i do so then what is the possibility of circumstances...

Regard
Vivek jha

Ankur Singhal

Ankur Singhal (Expert)
Follow

29 March 2016 Dear
You may get the notice from income tax deptt. for the explanation of the source of fund.
In case of debit in saving account more than Rs. 10lakhs the bank give information of the account to the income tax deptt which has tranx more than Rs.10 lakh.

So its better to avoid such tranx.
Do the tranx if you have the proper supporting to prove your point in near future.

Querist : Anonymous

Querist : Anonymous (Querist)

29 March 2016 Sir Not any problem from income tax because i have the proper evidance to explain the sourses of funding however i am worried from the bank/RBI side.. if i do the business transaction from saving a/c then can bank/RBI may sealed the saving a/c or not

Upgrade to CAclubindia Pro. Subscribe Now!

Ankur Singhal

Ankur Singhal (Expert)
Follow

29 March 2016 DEAR
NO SUCH PROBLEM FROM BANK/RBI SIDE.
THEY CAN NOT SEAL YOUR BANK ACCOUNT DUE TO THIS.

Querist : Anonymous

Querist : Anonymous (Querist)

29 March 2016 Sir why No such problem from bank/RBI side as we all know saving a/c is subjected to saving not for business transaction therefore it clearly voilation of RBI guidelines...

Ankur Singhal

Ankur Singhal (Expert)
Follow

29 March 2016 DEAR
12LAKH DEBIT IN SAVING VIA CURRENT ACCOUNT CAN NOT BE TERMED AS BUSINESS TRANSACTION.
AND BANK WILL NOT CREATE ANY MESS IN YOUR CASE.