15 December 2007
MY WIFE WOULD LIKE TO BUY A NEW CAR ON BUY BACK SYSTEM (9 LAKHS-1 LAKH FOR OLD CAR) ON FULL PAYMENT BASIS WITHOUT AVAILAING VEHICLE LOAN. WE HAVE AN ACCUMULATED BALANCE OF 4 LAKS, BALANCE 4 LAKHS ARE TAKING LOAN FROM HER SISTER THROUGH BANK A/C. IS THERE ANY CHANCE OF IT SCRUTINY. BOTH THE AMOUNTS ARE ACCUMULATED BALANCE LYING IN BANK ACCOUNTS.WHETHER WE HAVE TO KEEP ANY RECORDS FOR LOAN TO BE TAKEN FROM SISTER
15 December 2007
I would suggest to prepare and get signed a simple letter from your wife's sister confirming that she has given a hand loan or gift to your wife.
Also make sure that amount is transferred from Bank account of your wife's sister to Bank account of your wife through banking channel, that is, by a Cheque or Net banking
CAclubindia
