High value online fund transfer

107°
Deal Cadet
Mufasa

My father want to transfer 8 lakh from his account to my account online as he has been retired left all the financial responsibility on my shoulder. Before I transfer fund from his bank, I want to take suggestions if I transfer his fund approx 8 lakh to my account, will this raise legal complications like getting income tax notice.

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Deal Subedar Deal Subedar
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No legal complications.
But get a signed letter from him that it’s a gift for you….. I had to submit it once for self fund on a house loan.

This is just for a safety for later.

Pro Shopping Friend Pro Shopping Friend
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no complications; if at all there is notice then u can reply in simple words its from father

Deal Lieutenant Deal Lieutenant
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No issues
Gifts from specified relatives are not taxed. Just ensure it is done online and not cash.

Cool Cool
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One of my friends got a loan amount of about 12 lakhs into his mother’s axis bank account, the bank froze her account/amount and asked her to submit proof for it.

Deal Cadet Deal Cadet
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chantz wrote:

One of my friends got a loan amount of about 12 lakhs into his mother’s axis bank account, the bank froze her account/amount and asked her to submit proof for it.

this is bank internal settings not income tax

Budding Star Budding Star
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If you are planning to invest in near future, use funds from that account
Else do smaller transactions in chunks
2-3L in a month
“Normally” there are no consequences but why take unnecessary chances

Cool Cool
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narayana1dd249 wrote:

this is bank internal settings not income tax

Yes but he still may have to explain it to bank. That’s what I’m trying to say.

Deal Cadet Deal Cadet
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BAT_MAN wrote:

If you are planning to invest in near future, use funds from that account
Else do smaller transactions in chunks
2-3L in a month
“Normally” there are no consequences but why take unnecessary chances

No investment just to transfer fund to my account.

Deal Cadet Deal Cadet
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Manitian wrote:

No legal complications.
But get a signed letter from him that it’s a gift for you….. I had to submit it once for self fund on a house loan.

This is just for a safety for later.

Signed on what? Bond paper or piece paper.

Deal Subedar Deal Subedar
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Mufasa wrote:

Signed on what? Bond paper or piece paper.

Normal paper is fine.

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