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We deposited 20 Lakh cash & pre closed home loan. Is there any issue?

22 July 2023

We are three real brothers. In the last financial year 22-23, our resident status was changed.

Also, we pre-closed home loan by depositing 20 lakh cash in the bank. Now that amount is reflecting in AIS of our PAN Cards.

Brother 1: I withdrew 6 lakh cash the same financial year from the bank acccount.

Brother 2: He withdrew 1 Lakh in 22-23 YR.

Brother 3: He didn't withdraw money in 22-23 financial year.

so is there any issue ? Because it was a big cash amount? If yes, then how can we file ITR now and is there solution? Please suggest. Thanks

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5 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (177824 Points)
Replied 23 July 2023

Whenever any query arises from ITD, keep records handy for the source of cash at hand of Rs. 20 lakhs.

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anil kumar (5 Points)
Replied 23 July 2023

But how? Please guide

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (177824 Points)
Replied 23 July 2023

Check your accounts for the source of cash (deposits in Bank).

From where you raised this cash amount?

Only you can find it out?

anil kumar (5 Points)
Replied 23 July 2023

Hello, we run digital marketing agency and our income was generated from out of India only. During the last financial year cash was not deposited in the bank. How to create evidences. Can we show that we received that cash from the Indian clients in the form of cash for services?