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Last Updated On 28-Nov-2019
Tax-Property Tax

Bank put my retirement funds on hold/lien

Dear sir, I have retired on august2019.I have accumulated debt of 1.8million(in indian currency) from relatives and other informal sources in last 10 years.Now finally i can pay everyone back from my govt. retirement corpus of 5.7 million. But my Bank has put on lien/hold all my 5.7 million funds the day i received them in my account stating a housing loan tax liability of 30k.Please advise me were the bank's actions totally justified right and if i have any legal options as i have no funds left to repay my tax.

( Ghaziabad, Uttar Pradesh )

26-Nov-2019

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Dear Sir/Madam
You may get issue legal notice and then approach either civil court or High court as per your source of income
Posted On 28-Nov-2019
Kishan Dutt Kalaskar
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A.
Main Question is Why Bank held your amount as a Lien. This is Your PF and GPF. Normally That cannot hold.
Tax is separate issue, on your income. That you can pay, 30K is not a big amount.
Your borrowing is not relevant here (1.8 M)
Call me separately, I will discuss
Posted On 27-Nov-2019
Vidhikarya
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