Cash withdrawal from savings account limits
1 year ago
Sir, my home loan amount required as cash withdraw from my savings account, but the Bank is telling beyond 20 lakh withdrawal I have to pay 2 percent TDS to bank. My home loan amount is 40 lakh and my builder required cash amount
A.Dear Client,
The rule is as follow;
TDS will be deducted at 2% on cash withdrawals of more than ₹ 20 lakh and 5% for withdrawals exceeding ₹ 1 crore if the person withdrawing the cash has not filed ITR for any of the preceding three AYs.
If you have filed ITR for last three years then you don't need to pay the TDS.
Secondly you should also not pay in cash to the builder. All payment must be done through cheque or bank.
The rule is as follow;
TDS will be deducted at 2% on cash withdrawals of more than ₹ 20 lakh and 5% for withdrawals exceeding ₹ 1 crore if the person withdrawing the cash has not filed ITR for any of the preceding three AYs.
If you have filed ITR for last three years then you don't need to pay the TDS.
Secondly you should also not pay in cash to the builder. All payment must be done through cheque or bank.
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A.Dear sir, I would humbly suggest you to discuss the matter further with your respective bank, and ask them to properly layout the terms and conditions involved in the loan account, as well as convey it to the bank about how your contractor requested the money in cash.
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