Cash received from Father and no source know about how cash is generated by father.

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This query is : Resolved

Gaurav (Querist)

28 July 2023 Hello Members,

Assessee is a student and is currently studying in abroad. Every month is father deposits cash in his account. From which he than transfers the same in the respective foreign currency to his account for his regular exepenses. Since the amount transferred exceeds 7 lakhs TCS is deducted on the transfers done by him.
In all Total of Rs 14,85,000 was deposited into his account by his father and the same is appearing in his AI reports also.

Since there is TCS which is deducted on the transfer, he wishes to start filing the ITR to claim a refund of the same.

Query:

1. How do we treat this cash receipt in the account of assesse who is still styuding.

2. Will taking a Gift Deed on the appropriate stamp paper help him incase of any questions come at stage later to showcase that it was a gift given by his father.

3. What are the other recourse available in such situation.

Thanks

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

28 July 2023 1 Treat it as gift from father.
2 No need for gift deed. Letter of confirmation is enough.
3 No problem in such a case.

File ITR for father disclosing source of income.

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