sir , i had sold my some agriculture land in 2012 , in 90 lakhs rupees . after that i gave cheques of total 35 lacks to my relatives for their dues and some for business . remaining money was withdrawn in cash by me time to time for some reasons . now i have 50 lakhs cash to deposit to bank . can i deposit all cash in my account . do i get some terroble from IT department . what should i do now .i am also paying some tex from last 3 years regularly.
Dear sir,
Have you shown this amount sale of agricultural land in your return of income?
If the answer to the above is yes, and If you can prove that 50 lacs is out of the sale proceeds then there is no problem.
Though, it is very likely that tax department will ask you the questions but you can respond.
Please feel free to call/revert in case of any doubts
Thanks and Regards
Abhishek Dugar
CA CS. B.Com
No, i did not show this amount in return .
If you have not shown this amount in return. It may create a problem.
You will get trouble from IT Department for sure as need to show where were the 50 lakhs cash withdrawn in 2012 kept.
Hello Sir,
50 Lacs to deposit in Cash and nowhere mentioned in your returns and you are asking will IT department trouble you. For sure they will, since it is a huge amount plus no details have been shown in your returns.
Just make sure you give them the correct reason as to why didn't you deposit the same in a bank account.
Trust this clarifies your query.
Feel free to call / get back in case of further clarifications.
Thanking You.
Regards,
Rohit R Sharma
BCOM, ACA, LLB-GEN, CERT. FAFP
