23 October 2017
Dear Sir, My Brother have booked Flat in Pune city. Flat cost is 10 L Rs more than his expected Budget. So our 5 Relative(MOM,Dad,Cousin brother,Uncle) have decided to help him by giving 2L each. Builder and Loan provider bank are not allowing him to give CHEQUE from relatives account. They have suggest him to ask relative to transfer amount on his account and he can give than from his account . Will it create any problem ? If he need to declare this amount while filling ITR ?
25 October 2017
As long as there is no cash transfer and your brother mentions the amount received from relatives in Exempt income details in his ITR no problem will arise
CAclubindia
