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This query is : Resolved
10 May 2018
Hi Expert, I need all your valuable advice on the following point.
I am a salaried person having nearly 6,40,000/- gross annual income. And having a HOUSE LOAN nearly 15,00,000 +, Due to this H.L. from last four year my I.T. liability is zero hence TDS is not deducted from my monthly salary. My father is going to break his F.D. in next month and said me to take away 10,00,000/- from him, for lowering my Home Loan burden. My father income is pure agriculture and does not file I.T.return.
I am thinking/facing about following point….
1) My native village and service place are different that means this money should be deposited into my saving account then I.T.Dept. may ask me about this money that reflects on my PAN.
2) After depositing this amount in my saving a/c (Nationalised Bank)I have to deposit this amount in my another bank a/c as that have given me Home Loan (Lender Bank) as this bank branch is not at my native village.
Please guide me on above points.
Thanks in advance
Thanks and Regard
Sunil Jadhao
I am a salaried person having nearly 6,40,000/- gross annual income. And having a HOUSE LOAN nearly 15,00,000 +, Due to this H.L. from last four year my I.T. liability is zero hence TDS is not deducted from my monthly salary. My father is going to break his F.D. in next month and said me to take away 10,00,000/- from him, for lowering my Home Loan burden. My father income is pure agriculture and does not file I.T.return.
I am thinking/facing about following point….
1) My native village and service place are different that means this money should be deposited into my saving account then I.T.Dept. may ask me about this money that reflects on my PAN.
2) After depositing this amount in my saving a/c (Nationalised Bank)I have to deposit this amount in my another bank a/c as that have given me Home Loan (Lender Bank) as this bank branch is not at my native village.
Please guide me on above points.
Thanks in advance
Thanks and Regard
Sunil Jadhao
11 May 2018
Inspite of taking 1 million in one go, you may take the amount in smaller parts from your father. If you take 2-3 lacs, chances of any inquiry reduces substantially. However, you must be in a position to explain the source properly.
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11 May 2018
Without disagreeing with CA Paras Bafna Sir, I think that you may take the money in one go provided you keep the proper records.
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