Query related to RTGS/Cheque transaction

POSTED BY Viral D ON May 31, 2013 10:43 am COMMENTS (3)

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.

3 replies on this article “Query related to RTGS/Cheque transaction”

  1. Dear Viral, relax, as both of you are co-owner in the old house, make sure mother is also co-owner in the new house to save her from tax liability.

    Thanks

    Ashal

  2. Dear Viral, who is the owner of the house which you are selling? You or mother or both?

    Please confirm.

    Regarding the 10L Rs. sell amount, the cheque can be deposited into your HDFC bank account in the city where the sell deal is happening. Alternatively, you may ask the buyer to transfer the 10L Rs. through RTGC directly from his account to your own HDFC account.

    Thanks

    Ashal

    1. Viral D says:

      Both Me and My Mother are the Owners of the house we are selling.

      I don’t have the HDFC bank account in the city, in which the house is being sold.

      Also, The person who is purchasing has already given the cheque to the broker.

      I just wanted to know that, If i have all the documents with me; Will I face any query?

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Download Our FREE Ebook!

Available only for first 100 people today

Download Our FREE Ebook!

Available only for first 100 people today