10 November 2008
sir, my brother working in usa and send 12 lakhs to my account to purchase land on my mother's name but due to some reasons the regd is delayed and such amount was deposited on my dad name as short term deposit and earned 10.5% and now such income is taxable on my dad income r is it exempt. if i transfer such deposit to my mom name is there anything to show the source of income.
10 November 2008
If the ultimate idea is to buy a property in your mother's name, it is better it is transferred back to your mother via your account, the same route through which it came to your father's account.As for source proof it is enough if you have a letter from your brother about remittance.
At present the interest earned is to be assessed as your father's.
CAclubindia
