LAKSHMI KANTH (TAX CONSULTANT) (449 Points)
11 October 2019
Dilu Patel
(4 Points)
Replied 11 October 2019
Suresh Thiyagarajan
(Student)
(3986 Points)
Replied 11 October 2019
1. I don’t think IT implications will arise at the time of deposit of the amount into the bank. But the bank could ask for the source of income at the time of deposit.
2. Income tax department, if they find this amount to be odd in relation to your account. They may raise questions to the "source of such income" through notice.
3. If the source is legit, then no problem with respect to the deposit of Rs. 2 lakhs into the bank account.
Please correct me if the above solution has an alternative view.
Kapadia Pravin
(17259 Points)
Replied 12 October 2019
CAclubindia
