Paying collage fee 30 lakhs
This query is : Resolved
Ajay Reddy
(Querist)
03 October 2021
Hi
We need to pay fee for my brother medical collage 30 lakhs through rtgs or dd. We are getting money from relatives via transfers from bank account to my mother account. Will those transactions attract IT NOTICES . Please guide me
Thanks
We need to pay fee for my brother medical collage 30 lakhs through rtgs or dd. We are getting money from relatives via transfers from bank account to my mother account. Will those transactions attract IT NOTICES . Please guide me
Thanks
CA R SEETHARAMAN
(Expert)
03 October 2021
All transfers are through bank account and can be treated as gift. In case of any notice received reply can given as gift from relative exempt from tax.
See the amount received from relative defined as per income tax Act.
See the amount received from relative defined as per income tax Act.
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