you can deposir cash in your account

2) The amount that can be deposited in one-go into the account depends on your KYC compliance with the bank. If the KYC is complete, there is no limit on the quantity and value of older notes that you can put into your account

3) The government has reportedly issued orders to both the I-T Department and the banks to keep a track of all monetary transactions involving cash of Rs 2 lakh and above.

4) As per section 285BA of the Income-tax Act, 1961, every bank or post office is required to furnish a statement of financial transaction or reportable account (commonly known as ‘Annual Information return’) to Income-tax department in respect of cash deposit made by a person aggregating to Rs. 10 lakh or more in a financial year, in his one or more accounts

5) If you have deposited unaccounted deposit of cash into a bank account and not filed income tax return, you have all possibility of getting notice u/s 142(1) of Income Tax Act 1961 requiring you to file income tax return within prescribed time. Further, the Assessing officer (A.O) would require you to produce your books of account, other documents and information. A.O has powers even to enquire about your personal belongings and can ask you to submit your personal books of accounts.

If you have filed the return, you might receive a scrutiny notice under section 143(2) of income tax act. You would be asked to submit evidence to substantiate the income declared in your ITR.

1. You have got a property through gift deed which you have sold.

2. There was no investment made by you since it was a gift to you for which there is no capital gain since you had sold it immediately.

3. The property was shown as bought at higher price that what was received by you by selling your gifted property for which you had to pay the difference amount from your pocket or from other source.

4. In the above event there can not be any question of your having a cash component left with from the sle proceeds of the gifted property.

5. Show that cash as income from some other source since you can not show the cash receipt not shown in the sale deed as part of the sale proceeds of your gifted property.

No bank has authority to reject deposit of the A/c holder UN his own A/c.

So you can surely deposit the same.

However if the amount deposited doesn't commensurate with your known source of income then IT department will surely show cause you on this money. A penalty may be imposed in that event.

The banks are directed to accept any amount as deposit being deposited by its customer.

The tax implications can be clarified by your auditor based on the income tax returns you have filed so far.