Expert help needed for monetory gift
Martin King (Director) (81 Points)
06 July 2013Martin King (Director) (81 Points)
06 July 2013
Mihir
(Wealth Manager)
(5293 Points)
Replied 06 July 2013
Do you want in cash or in FD? She cannot transfer FD in your favour.
You can accept this taxable cash and deposit it in the bank locker. Depositing it in the bank saving account will raises questions. And then gradually keep depositing small portions of the cash money in your saving account regularly and then open their FD. Bank wiill not accept cash to open FD. It is their rules for following AML guidelines. You can even buy gold because gold sellers are capable to accept cash for gold, but ensure the gold seller is known to you.
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