Purchase of flat/home with fdrs amount

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

04 June 2017 i am an indivual of 43 yrs age. I have buiness income and interest income, which i have shown in buiness ITR-4 and ITR 4S. Upto AY 2014-15, i have filed ITR 4 and ITR 4S since AY 2015-16. If now I purchased a Flat / house / Plot, from FDRs amount i.e approx 26,00,000/- , then plz tell can i purchase this from my FDR amount or not? Whether IT deptt send me notice for investing of Rs. 26 lakhs in property? I have saved money year by year and invest it into bank FDRs year by year. And also show interest income in ITR i.e. income from other sourcrs. Whether I should keep Photo copies of Bank FDRs to show IT deptt, if I will received any notice? Please suggest and oblize

CA Mohit Kumar

CA Mohit Kumar (Expert)
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04 June 2017 You can purchase property through FDR funds. There is no prohibition. Keep all records of FDR as well as property paper. It helps to show them to your AO at the time of case whenever any enquiry arised..

Querist : Anonymous

Querist : Anonymous (Querist)

06 June 2017 thanks for your expert advice.

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