Huge Cash Deposit in Joint Bank Account

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  1. Ibrahim Bhabhu

    Ibrahim Bhabhu New Member

    If there is a one time high value cash deposit (Rs 150000) in savings bank account having 3 joint holder on whose name this transaction would be treated. Would the first (primary) holder would be responsible for this transaction even if the third holder has deposit this amount and gives a declaration.
     
  2. This would be linked to the PAN of the 1st account holder and therefore if the income tax dept checks into the transaction - the notice would be sent to the 1st account holder.

    However, the 1st account holder can intimate the income tax officer that this has been done by the 3rd account holder
     
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