Buying flat and worrying about income tax
This query is : Open
Querist : Anonymous
Querist :
Anonymous
(Querist)
26 October 2017
Dear All,
I am buying flat cost 20lac, my relatives are helping me for buying flat my mom ,dad, uncle ,aunt and some friends are helping me for 2lacs rupees each.
As builder says payment must be made from my account only not from any relative or friends.
Kindly help me if all money i deposited in my account, can income tax department send me notice and ask me about amount in my account?
Do i have to pay tax for this money ? Kindly help, waiting for advice.
I am buying flat cost 20lac, my relatives are helping me for buying flat my mom ,dad, uncle ,aunt and some friends are helping me for 2lacs rupees each.
As builder says payment must be made from my account only not from any relative or friends.
Kindly help me if all money i deposited in my account, can income tax department send me notice and ask me about amount in my account?
Do i have to pay tax for this money ? Kindly help, waiting for advice.
CA Rashmi Gandhi
(Expert)
26 October 2017
You have to take all money through cheque or bank transfer......
As you can't accept sum higher than Rs.200000/- per person per transaction..
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