POSTED BY August 28, 2013 9:49 pm COMMENTS (5)ON
I didn’t find a good subject line. I have below situation.
My brother is living in US for the last 2 years, now by means of power of attorney he wants me to purchase property for him. But for the same a lump sum of 15 lac amount he wants to transfer into my account via online banking or any fund transfer mechanism.
So the question is: is it fine that he can transfer his money to my bank account, as well as will there be any consquences into my tax report? If no then how much I should allow him to transfer?