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.
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.
08 July 2024
Yes, under other sources.
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