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Expert help needed for monetory gift
Hello Experts, my question was not answered completely so asking it again.
I am about to get 20 Lakhs from a person (female non-relative Indian). There is no business deal between us and hence there is no transfer of items or property. Even though the source of funds is legit and white but still due to some personal family reasons I want to receive that money as Cash. How will she be be taxed ?
It will be a Gift for me and she will give her FDs to me. Is there a better way to receive and keep that money ?
Replies (1)
Do you want in cash or in FD? She cannot transfer FD in your favour.
You can accept this taxable cash and deposit it in the bank locker. Depositing it in the bank saving account will raises questions. And then gradually keep depositing small portions of the cash money in your saving account regularly and then open their FD. Bank wiill not accept cash to open FD. It is their rules for following AML guidelines. You can even buy gold because gold sellers are capable to accept cash for gold, but ensure the gold seller is known to you.
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