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Is it fine to deposit 3 lakhs cash in account.
10-Dec-2023 (In Banking / Finance Law)
My aunty has 3 lakhs of cash. She got this cash by saving and some paternal side as a result of property sales. She has given approx 2.5 lakh to her relative to keep. Now in total she has 3 lakhs cash. She never filed return and has bank account with minimal transaction. Now what to do. Please suggest
You are not clear whether it is old currency or new. Govt had given sufficient time to remit the old notes. If you have pan number it is better to remit the amount and file the return after the financial year.
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Hi, You need to file IT when you have cash worth beyond 5 lakh. failing so, you may get IT notice asking for clarification.You need to talk to an tax consultant on this. FYI. Bank deposit beyond 2.5 lakh is under scaner by IT.
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She can very well deposit the cash. You have not stated whether the amount is in demobilised currency. Even if it is in 500 or 1000 banned notes she can very well deposit in bank before 31December 2016. However it is advised that she may deposit in one lack each on three occasions.
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Adv. N Dinesh Rao
Bangalore | 100+ Answers
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