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Accounting to avoid income tax

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chandrasekhar (Querist)

18 August 2017 I received the money from my son for credit of savings bank account. This amount was given as advance for purchasing a flat. subsequently the plan was changed and the booking of the flat was cancelled. The builder also agreed and assued the refund of the entire amount. What will be the impact of the refund amount in my savings bank account and the IT implications.

I would also like to send the amount to my son who is in US,

Kindly suggest ways and means for the above .

chandrasekhar

CA Suresh Jain

CA Suresh Jain (Expert)

18 August 2017 The amount received from your son seems to be a loan from him which you utilized toward advance for a flat booked by you in your name. Now the refund received from the builder can be utilized by you for repayment of loan from your son.
N Jain
group.blr@gmail.com

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