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Depositing and withdraw of amount in saving Bank acc

Tax queries 325 views 4 replies

Hi 

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)

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

No notice
Medical college must issue a valid certificate.
it's a donation cum fee.
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.
No such show cause notice.
Notice to be served to the medical college.


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