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A query was raised regarding whether withdrawing cash for personal custody and subsequently re-depositing it into a bank account has tax implications. The DGT ruled that this movement does not constitute income and, therefore, is not subject to taxation.
Question posed: The tax treatment, under Personal Income Tax (IRPF), of the withdrawal and the re-deposit of said money into an account is requested.
The mere withdrawal and subsequent deposit of cash into a bank account is not included in the scenarios that determine the acquisition of income subject to taxation pursuant to Article 6 of the Personal Income Tax Law (LIRPF). Nevertheless, the taxpayer must be able to justify the origin of the deposited money through the means of proof provided for in the General Tax Law (LGT). The assessment of said means of proof is the responsibility of the managing Administration in each specific case.
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