Foreign Remittance transferred to SB Account

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This discussion addresses the query of transferring a significant foreign remittance (8 lacs INR) from an NRO account to a resident's savings (SB) account for purchasing a house in India. Concerns are raised about potential tax liabilities for the recipient and whether this method is advisable. The consensus suggests that such a transfer might attract tax under 'Other Sources Income' and recommends direct transfer to the property seller to avoid complications.

Keyur

Keyur (Querist)
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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.