Need expertise advise on closing my car loan by...

Need expertise advise on closing my car loan by cash

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Deal Newbie
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Please help me understand the tax implications on closing my loan with 2lakhs as cash which I will get from my sister and balance 3lakh from my account.

Shall I deposit that 2L directly in to my account and then close the loan or is there any other better way without raising alarm to the IT dept?

PS: my axis bank account got frozen by RBI and closed few months back due to some crypto currency transaction I made before 2 years. So I am a bit afraid of making cash transactions, thought I have filed ITR at the right time

9 Comments  |  
6 Dimers
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Deal Lieutenant
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Deposit <50k like 47/48/49 in 3/4 blood relations accounts and do NEFT to your account, rest deposit in your account – Keep txns details with statements saved

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Deal Subedar
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1997
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Wherr did you get this 2 lakhs cash from? Selling cryptocurrencies for cash?

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Deal Newbie
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sardasa wrote:

Wherr did you get this 2 lakhs cash from? Selling cryptocurrencies for cash?

No, he told he will get it from his sister..

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Deal Newbie
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sardasa wrote:

Wherr did you get this 2 lakhs cash from? Selling cryptocurrencies for cash?

No, it is savings from her earnings in petty shop business. She wanted to put it to bank fd or to help me close my loan

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Deal Newbie
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caks2006407 wrote:

Deposit <50k like 47/48/49 in 3/4 blood relations accounts and do NEFT to your account, rest deposit in your account – Keep txns details with statements saved

I read from somewhere that one can accept a max of 50000 as gift from others. Isn’t it applicable for blood relations?

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Deal Subedar
132
1997
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satheesh.kumar.l wrote:

No, it is savings from her earnings in petty shop business. She wanted to put it to bank fd or to help me close my loan

If she is filing ITR then why not deposit the money in her business account and then transfer from there to your account?

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Critic
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Get her to deposit the money in banking system first, then use bank transfer to give to you. You can disclose it as a give in your return. Gifts between blood relations are tax free, provided that the original amount was reflected in tax return of the person giving the gift.
However, if she is not filing IT return it could be a problem for her also.

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Deal Newbie
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Thanks all for ur guidance

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