Narayanan Kuppuraj (2 Points)
02 January 2023I'm buying a property worth 1.09 crore. I have the white money of 90 lakhs and remaining in black.
The seller wants 15 lakhs in white and 94 lakhs in black.
Question
1) what happens when I withdraw 90 lakhs from my bank. Will it trigger any flag to income tax department due to large withdrawal?
2) in future if I deposit 90 lakhs in cash, will it tally ?
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(178114 Points)
Replied 03 January 2023
This is not the platform for black money transactions..
CA Altamush Zafar
(GST Consultant)
(15971 Points)
Replied 03 January 2023
YenJeidans
(Levetaor)
(24 Points)
Replied 06 March 2023
If you withdraw 90 lakhs from your bank, it could trigger a flag to the income tax department, as large cash transactions are closely monitored. It's essential to ensure you have proper documentation and can explain the source of the funds to avoid any issues.
YenJeidans
(Levetaor)
(24 Points)
Replied 09 March 2023
| Originally posted by : YenJeidans | ||
 |
If you withdraw 90 lakhs from your bank, it could trigger a flag to the income tax department, as large cash transactions are closely monitored. It's essential to ensure you have proper documentation and can explain the source of the funds to avoid any issues. |
 |
As for depositing 90 lakhs in cash in the future, it's essential to keep in mind that there are limits on cash transactions and deposits. In India, any cash deposits above ten lakhs are reported to the income tax department, so you'll need to be prepared to explain the source of the funds and any applicable taxes. We had to do it when buying pine grove residence there. I hope that helps you.
CAclubindia
