India Tax Payer - Forum

Income Tax > huge cash withdrawal from bank

Moderator: Admin
To Share your topic kindly make payment.
Author
  • nriowner
  • Joined:28-02-2017
  • Posts:1
  • Location:hyderabad
Message

Posted: 28-02-2017

I purchased a property 3yrs back with 100% white money.

But the seller insisted on paying in cash. I ended up paying in cash in 2Crs. and closed the bank account as i moved from that area.

Now income tax dept is asking for old bank transactions. Will I be in trouble if income tax dept finds out that i paid in cash? if so, what kind of trouble would it be? Will they have authority to fine me because i withdrew white cash?
Statistics
Total posts 81 | Total topics 62 | Total members 20299 | Our newest member: Abhay
Miranda Hazard Footer