You may be questioned by Income Tax for even Rs 2.5 lakh deposits

Mumbai: Revenue Secretary Hasmukh Adhia on Tuesday that source of income for deposits of rs Rs 2.5 lakh will  be asked in certain cases. When asked whether the government will ask for the source of money up to the permissible limit of Rs 2.50 lakh in every account, Adhia said it will happen only in cases where government thinks that some misuse has taken place.

"In genuine cases, there will not be any scrutiny but if there is some misuse then an inquiry will be there. For instance, if somebody has deposited 2.5 lakh in 15 accounts then we will check with those 15 account holders and trace the money," he said.

Adhia said the government will also take strict action against those bank officials and income tax officials who are helping people in laundering.

He reiterated that the government has no plans to cap gold holding by an individual and also sealing of bank lockers.(PTI)