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VISA

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This query is : Resolved

NASEEMUNNISA BEGUM (Querist)
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07 July 2011 MY FRIEND IS GOING TO U.S.HIS FATHER IS SHOWING 50LAKHS IN HIS S.B A/C FOR THE PURPOSE OF VISA BECAUSE HE WAS SPONSORED BY HIS PARENTS.SUCH AMT IS GATHERED BY WAY OF FRIENDS OF HIS FATHER.MY QUE., IS THERE ANY PROBLEM IN FUTURE FROM INCOME TAX DEP.,?
AND WHAT IS THE MAXIMUM AMT IS TO BE MAINTAIN IN S.B A/C AS PER THE INCOME TAX SCRUTINY RULES?

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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07 July 2011 -Firstly, the amount must be borrowed through account payee cheques.
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-The friends & relatives are assessed in the income tax act and their balance sheets support the amount lent by them.
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Cash deposits in a single savings account during the year should not exceed Rs 10.00 lac which requires to be shown in AIR reporting.
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There is no maximum limit for maintaining
the balance in savings account. The only requirement is proper explanation of the deposits.

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