13 February 2018
Sir/madam, my father received Rs. 20,00,000/- from my mother into his bank account through cheque and the same invested in mutual funds and afterwards one month later total mutual funds received back in bank account in three installments and mutual fund company deduct penalty because terminate before mutual funds maturity date.... my question is income tax dept. sent notice to assessee (my father) for mutual funds investment above Rs 200,000/- but the same funds not belong to assessee (my father) its only borrow from my mother So, how can i explain to income tax dept.?????
13 February 2018
you can explain it to them that it was a amount given by your mother as loan. Bank account statement of both your father and mother shall explain the same as the amount was transferred from her account to your father account and the said amount was used to purchase the mutual funds
CAclubindia
