Money sent by daughter from usa

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Ramesh Narasimhan

Accounts Officer

30 Points Posted on 17 November 2014

Dear Experts

My daughter is in US and employed. She is interested in buyong a property here. she intends to remit the money say about Rs 50 L to my bank account. I have to with draw this and complete the transaction. Please let me know what are the consequences if I withdraw the entire money at one go or in phased manner. Also let me know whther my daughter has to send it in phased manner or in one go. She has a NRO a/c in India.

Ramesh

Replies (3)

Swami Ayyappa Nuli

TAX ADVISOR & CONSULTANT AT G.S.T SUVIDH

997 Points Posted on 17 November 2014

Generally if credits in a bank account for one year exceed 10Lakhs then chance to receive notice from IT Department to explain the source of Income is more. If you are regular in Tax filings then there will be no problem otherwise you will definitely receive notice from IT Department. So better to transfer her income to you in different accounts held by you with different banks in such a way not more than 10Lakhs has credited to your account with one bank. Even if you receive notice from dept., no problem, just reply IT Dept. how you get such credit in your bank account.

Akhil Manohar

Article & Audit Assistant

48 Points Posted on 18 November 2014

In my opinion splitting the money could not avoid the IT notice as aggregate amount credited to account of a person is considered as all the accounts are now PAN attached. Its better to file the returns. Even if the notice comes you have a proper source of money.