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

317 views 5 replies

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 

Replies (5)

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

But how? Please guide

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

From where you raised this cash amount?

Only you can find it out?

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? 

You will be asked to provide its details in writing with supporting documents, as everything is online. No face-to-face explanation.

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
16 June 2026
Sr. Associate / Assistant Manager | TAS / FDD

Boutique Investment Bank & Transaction Advisory Firm

Gurgaon

CA

View Details
Company
25 June 2026
Accounts & Taxation Executive

Dindukurthy & Associates

Hyderabad

MBA

View Details
Company
ARTICLESHIP 31 May 2026
Article Assistant

KPRS And Associates

New Delhi

CA Inter

View Details
Company
22 June 2026
Finance Manager- Chartered Accountant

Triveni Turbine Limited

Bengaluru

CA

View Details
Company
Featured 15 June 2026
Senior Auditor

N. Dhawan & Co

New Delhi

CA Inter

View Details
Company
12 June 2026
Accounts & Taxation Executive

Winshine Financial Services

Mumbai

CA Inter

View Details
Company
Featured 24 June 2026
HEAD - AUDIT AND TAXATION

A R JADHAV AND ASSOCIATES

Mumbai

CA Inter

View Details
Company
04 June 2026
Semi Qualified CA

Goyal Puneet & Associates

New Delhi

CA Final

View Details