Facts of the Case :
Money is transferred from outside India to my clients account in India....
Money is transferred by client's aunt (mother's Sister) for investments to be made in India in her name..(money is transferred in bits and pieces...
(1st trf is in August 2011)
My client then trf some amount to an Dmat account in his name for investment purpose, but d deal didnt turn out and hence the amount will be refunded by the Dmat Account (bank) and balance amt is still in his bank..
My client doesn't have income exceeding GTI.. So wat does he do, coz huge amount is lying in his bank which belongs to his aunt... There are chances that he may come under scanner as huge credits can be seen in his bank account..
Till now, what i have told him is to get a
POA in his name from her aunt...
Should i also tell him to trf the amount in an Separate NRE/NRO account where he can be the joint account holder...
Regards,
CA Gaurav Sharda
CAclubindia
