Huge Cash Deposit in Joint Bank Account

Share
Share This Thread
  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
     
Draft saved Draft deleted
Loading...
Similar Threads Forum Date
Leave encashment during job switch taxable? Income Tax Jul 7, 2018
tax on leave encashment and leave travel allowance Income Tax Jan 2, 2018
Cash depositing more than 2 lakhs in one time Income Tax Nov 18, 2017
Cash deposit more than 50 lakhs in saving bank account Income Tax Nov 18, 2017
CASH DONATION O CHARITABLE TRUST Income Tax Sep 25, 2017