Notice related to mutual fund

Save Share

This query is : Resolved

Jaswinder singh (Querist)

13 February 2018 Sir/madam,
my father received Rs. 20,00,000/- from my mother into his bank account through cheque and the same invested in mutual funds and afterwards one month later total mutual funds received back in bank account in three installments and mutual fund company deduct penalty because terminate before mutual funds maturity date....
my question is income tax dept. sent notice to assessee (my father) for mutual funds investment above Rs 200,000/-
but the same funds not belong to assessee (my father) its only borrow from my mother
So, how can i explain to income tax dept.?????

Arpit

Arpit (Expert)

13 February 2018 you can explain it to them that it was a amount given by your mother as loan. Bank account statement of both your father and mother shall explain the same as the amount was transferred from her account to your father account and the said amount was used to purchase the mutual funds

Message likes : 1 times

Jaswinder singh

Jaswinder singh (Querist)

13 February 2018 Thank you..............................

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now