Cash deposit
This query is : Resolved
21 December 2013
I am a student intending to pursue MS in USA.
For my visa interview I am required to show liquid assets equivalent to amount specified in my I-20(immigration document) which is 20 Lakhs. For this I received cash from my uncle which i want to deposit directly into my account. Do I have to get ready with any kind of documents for any Income tax related queries in near future.
For my visa interview I am required to show liquid assets equivalent to amount specified in my I-20(immigration document) which is 20 Lakhs. For this I received cash from my uncle which i want to deposit directly into my account. Do I have to get ready with any kind of documents for any Income tax related queries in near future.
21 December 2013
if the uncle is related to you, then it should not matter much as it would not result in any tax liability. nevertheless, you can ask your uncle to give you a letter stating that money is being given to assist your education expense.
In case the uncle is not related, you can show it as a loan and execute a simple loan agreement with your uncle stating that this money is given as loan is repayable after a certain duration.
In case the uncle is not related, you can show it as a loan and execute a simple loan agreement with your uncle stating that this money is given as loan is repayable after a certain duration.
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