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46 votes

Can I get an income tax notice for explanation even if I transfer 10?

Yes. You may get. But then you could explain them the source of it. Firstly, Income Tax Authorities don't look into Matters especially Bank accounts (before Demonisetation) that deep unless they notice very unusual activity like suddenly you have lacs of money when there was no activity earlier. And in any chance, Getting a notice doesn't mean you are liable to pay taxes. If you could explain your source of it and prove that you have paid the required taxes, there is no way they must trouble you.

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