What is the safe maximum cash deposit amount possible in Savings Bank Account for Salaried of 9.5lk?

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  1. manikandalingam

    manikandalingam New Member

    I am salaried earn around 9.5 lakhs in a year and this year my father died and I closed his business. I have to invest those amount in my name. My father never filed ITR in his life. I have 4 saving account and if I deposit 5 lakhs in each account and aggregate of 20 lakh in 2016-17. Whether I will be questioned under compliance of IncomeTax ? like CIB 410, AIR001.

    CIB 410 - I think I can avoid by always depositing less than 50,000 in bank. ( This notice for people deposit more than 2 lakhs bank on a single day).

    AIR001- I have very big doubt. For this Aggregate of deposit have to be less than 10 lakhs in all Bank savings account or on Single Bank Savings account ?

    Please advice me the safe way to invest cash which my father earned in his life.
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