How to save tax upon depositing money?



If a person who is not salaried , doesnt pay tax, has earned 13 lakhs by selling property papers, not possessed property, how can he deposit his money without paying tax on it?

How to save tax upon depositing money?
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4 Replies to “How to save tax upon depositing money?”

  1. For depositing money, you do not need to pay tax. But the bank will certainly report this deposit (13 lakhs) to the income tax department in their routine way.

    Then, you will have the tax man knocking at your doors.

    Therefore, calculate the tax, pay it and file your tax return and enjoy the balance of your money peacefully and in pure bliss.



  2. The Sub Register office authorities has to send the details of all the sellers and buyers of property if the property value is Rs.30 lakhs and more. So the tax department will get all the details of the sellers and buyers through Sub Register Office. They the Income Tax department may send you a notice in this regard after about 1 or 2 years (not immediately). If you have not show the transaction in your returns, then you will be in trouble. The chances of getting a notice from the Income Tax department is more for higher value transactions say 1 crore and more.


  3. There are other ways to save tax as well. Premiums paid for AEGON Religare Life Insurance Policies may qualify for a deduction under Section 80D of the Income Tax Act, 1961. Please consult your tax advisor for confirmation. To know more, visit http://bit.ly/PKNhx6





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