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Depositing and withdraw of amount in saving Bank acc

Tax queries 179 views 4 replies

Ajay Reddy

2 Points Joined October 2021

We need to pay 40 lakhs fee to a medical collage.

We got money from transfers from relatives and one gold loan worth 7 lakhs. We paid via transfer to the collage. Our relatives deposited 5 lakhs and made transfers for fee purpose. Will we or our relatives will get any notices.

Thanks for your Answer

Replies (4)

Dhirajlal Rambhia

SEO Sai Gr. Hosp.

208750 Points Joined July 2016

If routine payment, you may to be queried; but otherwise you may be asked for sources of fund..

sabyasachi mukherjee

28018 Points Joined May 2017

No notice
Medical college must issue a valid certificate.
it's a donation cum fee.

Eswar Reddy S

CFO- at NHTF

58280 Points Joined August 2012

This happens especially for higher studies.

You can make note of all money received details with dates & source also .

Since it is a big transaction , there is a possibility for show cause notice (SCN). But can be managed easily since the evidence is available.