High value online fund transfer
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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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Signed on what? Bond paper or piece paper.
no complications; if at all there is notice then u can reply in simple words its from father
this is bank internal settings not income tax
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.
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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.