Foreign Remittance transferred to SB Account
This query is : Resolved
Quick Summary
05 July 2024
Sir/Madam
I have one query regarding money transfer from NRO Account to in SB Account. One of my relative insist to me that i will transfer 8 lacs rs from his NRO account to my sb account for buying new house in India (in the name of my relative-NRI). Is it possible ??
Is any tax liability occurred to me for transferring this fund for payment to contractor/builders??
My income is taxable and above the statutory limit.
Please suggest me.
I have one query regarding money transfer from NRO Account to in SB Account. One of my relative insist to me that i will transfer 8 lacs rs from his NRO account to my sb account for buying new house in India (in the name of my relative-NRI). Is it possible ??
Is any tax liability occurred to me for transferring this fund for payment to contractor/builders??
My income is taxable and above the statutory limit.
Please suggest me.
CA R SEETHARAMAN
(Expert)
05 July 2024
Tax liability will arise avoid it.
Ask him directly transfer to the house seller.
Ask him directly transfer to the house seller.
CA R SEETHARAMAN
(Expert)
08 July 2024
Yes, under other sources.
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