Notice related to mutual fund
This query is : Resolved
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.?????
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.?????
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
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
Click here to login now
Similar Resolved Queries
Unanswered Queries
- ITR 2 Short Term gain & Long term gain
- Itr 1 processing
- Reporting Income under Section 44ADA
- Off Market debit and credit transaction
- ITR returnFY25-26
- Short Term Capital gain on shares bought and sold after 2018 onwards
- ITR validation error - Balance sheet is not filled
- ITR 1: Details for showing Exempt Income
- Bank Accounts in Balance Sheet for ITR 3
- INCOME TAX ON REDEVELOPEMENT OF FLAT
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
