Legal Question in Banking Law in India
My mother has saved around 30lakhs from past 10 years by way of chit fund runed by a relaitive... can we deposit this amount in the bank now? Will there be any regulations due to the current demonenisation issue?
Asked on 11/21/16, 12:49 am
1 Answer from Attorneys
Fca Prashant Chavan
Expert Edge LLP
21.11.2016
Dear Sir / Madam,
You have time till 30th December, 2016 to deposit the cash in your Bank. Yes, there may be Income Tax scrutiny on the source of funds.
Regards,
Answered on 11/21/16, 3:39 am
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