I am an NRE and invested Rs 18,00,000/- in a property but there is no paper work done as the payment was made to my brother-in-law (Indian resident) from my NRE a/c. Now he is selling off the property and my brother-in-law wants to return my money with profit in cash.
My questions
how I can deposit Rs. 24,00,000/- to my a/c as an NRI? If not, what are the safer ways to deposit this amount to my lndian SB a/c? Can I deposit into my wife’s Indian SB a/c? (My wife is a housewife residing in Dubai)
Can there be any issue from the tax department? (I have not filed a tax until now as I am an NRI and didn’t have any other source of income. Also do not hold a pan card)
What is the limit of one time cash deposit and cheque deposit into my or my wife’s SB a/c?
Is there any other solution for this issue?
deposit into account
ann
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1 Answers
You may receive e notice from IT department for such huge amount of cash deposit into your account.
You would be asked to explain source of such income.
Bank won't accept cash deposit above 50,000 without a PAN card copy.
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