Income tax

I have withdrawn from my SB Account on account of closure of my Fixed Deposit to meet expenses in connectiion with the proposed flat purchase for my son.The amount is necessitated for the interior and furniture and fittings for the proposed flat. Because of the Ban on registration we could not do the registration in Tamil Nadu for the past three months. I had redeposited the amount in my SB account few days before. It is the money from my PF and Gratuity. Please clarify I have to pay Tax . (I have got records for all the transactions ). Please clarify more  

View all 26 comments Below 26 comments
No need to pay tax if you have maintained the records for receipt of original payments. more  
Pl.go by advice.On all investments including amount pald as gratuity fund/pf say on retirement,interest or dividemd if an in future will atract tax on income as per eligibility/ tax laws more  
No need to paytax. may get notice .No need to fear. go to tax office and show papers and comeout successfully. Unfortunately I am not in chennai now. I would have helped you. Thanks more  
No tax is payable. As long as you can show an equivalent withdrawl from your bank/PF account no questions will be asked. The amount may be a few lacs only as it is for interiors, furniture and fixtures. Nothing to worry. If the amount was in tens of lacs and for purchase of a property, yes, questions need to be asked. Cash transaction in property purchases is forbidden. more  
Post a Comment

Related Posts

    • Unfair practice by IT Deptt,

      I had filed my income tax return for the assessment year 2021-22 under section 139(1) i.e., filed on or before the due date, and claimed the refund of Rs. 5000 plus. The same was acknowledged by th...

      By Indu Bhushan Bhargava
    • Income Tax Refund Delay

      I am a senior citizen and filed my return on the 18th Oct but till date (23rd Dec) I have not recd my refund. I have called their Helpline no also many times. They say they will lodge my complaint ...

      By Neeru Sood
    • Senior Citizens retirement plans going for a toss

      For bank fixed deposits in India: 2016: 9.3% interest 2019: 8% interest 2021: 5.5% interest Senior citizens retirement plans must be under water unless they did enough ...

      By Aditi Jain
    • New Income Tax Portal System

      God news. A lot of time has been vested. In the Court, it may be advised that any future such new thing must be tested in all respect and by all stakeholders, before the due date I.e. 31/03 in this...

      By Hasmukh Sangani
    • Why income details must be given to broker

      Always wondered, why does an investor have to fill in income details with the broker? I buy shares if I have money. I do not need to have an income. And PAN number is a must. So why do you add this...

      By Aditi Jain
    • Bad news for small savers

      There won't be any cut in interest rate of Small savings schemes . Yesterday's decision to lower the interest rate is REVERSED

      By Jayanti Natarajan
    • Bad news for small savers

      Rates on small savings schemes reduced by 50-90 basis points. PPF in April-June quarter to earn you only 6.4% interest against 7.1% earlier. Senior Citizens Savings Scheme to earn on 6.5% now compa...

      By Vikram Gupta
    • Secured earning for Senior Citizens

      I raised this point on earlier occasions also. No relief seen in any budget. I made a suggestion as follows: There are some schemes exclusively for the benefit of Senior Citizens like Se...

      By SN Sitaram
    • Rounding off the amount in Bills

      Request guidance as to which is the appropriate circle & authority to whom i can complain regarding the below mentioned issue: Lately with many of my relatives and friends staying in Gurga...

      By Manas Hazarika
    • Great news for seniors

      Senior Citizens (above 75 years) who get pension and interest income only are exempted from filing returns

      By Azam Yusuf
    • The Govt salutes honest and compliant tax payers

      Recently our CBDT isued a press release saying it cannot punish compliant and honest tax payer by extending various due dates for the assessee who are dishonest, lazy and non compliant and our secu...

Enter your email and mobile number and we will send you the instructions

Note - The email can sometime gets delivered to the spam folder, so the instruction will be send to your mobile as well

All My Circles
Invite to
(Maximum 500 email ids allowed.)