POSTED BY May 31, 2013 10:43 am COMMENTS (3)ON
I will explain my scenario first.
I have sold my house in 10 Lakhs to Person A in City A, Which will be paid by cheque to my mother (She is having an account in SBI). Now, after depositing the amount to the account I want to transffer that amount ( + additional 10 Lacks from her account) via RTGS to my HDFC bank account.
Now, I want to purchase a house in City B priced @ 20 Lakhs. So I will give 20 Lakhs Cheque the owner of the house from my account.
Are there any chances for me (or say my mother) to face an inquiry from Income Tax Department.
P.S. There is no option of giving 20 Lakhs cheque directly from my Mother’s a/c, as it will need multicity cheque (Which she doesn’t have, also It will take minmum 10 Days to get it and I want to close the deal in 3 days) Also, The distance between the city and my job doesn’t allow me to go to the SBI branch frequently.
Any suggestion on this matter?
Also, Any other possible alternate is welcome.