pankaj (director) 08 December 2010

Utilisation of cash savings ogf wife

My wife has her own personal saving in cash to the tune of 4lakhs. She had been filing income tax returns . Now we want to utilise this amount for purchase of a property jointly .Will there be any complication if we use this amount straight away by depositing it in builders account through bank tyransaction (cheque/draft)?

Reply Follow

4 Replies

A V Vishal (Advocate) 08 December 2010

Since the Income is declared, there is absolutely no problem in the transaction moresoever, when the builder is being paid through an account payee cheque or demand draft/pay order.

pankaj (director) 08 December 2010

Thanks for the reply sir. It means that so far as the income is declared and returns are filed regularly, "cash kept in savings bank account" and "cash in hand" do not have any difference and there is no problem in affecting any bank transanction of the 'cash in hand' through DD/Acount payee cheque.