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
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.
Preparing a power of attorney will also be of additional help since it is not a gift.
CAclubindia
