Taxation Angle on money deposited in my account from Friends Relative

POSTED BY Deepak Rajput ON October 26, 2013 12:29 am COMMENTS (3)

Hi Sir,

One of my Friend want to give my account number to his relative for depositing one lakh. Once it is deposited then he will withdraw. Please  help me how the taxation work on this?

3 replies on this article “Taxation Angle on money deposited in my account from Friends Relative”

  1. ashalanshu says:

    Dear Deepak, account opening ‘ll not take more than 30 min. in any bank. Better to ask your friend that he should wait till account opening.

    Thanks

    Ashal

  2. Deepak Rajput says:

    Hi Sir,

    He is not having the account. In process of opening one.

  3. ashalanshu says:

    Dear Deepak, this 1L Rs. ‘ll be taxable for you. you w’d have to pay tax on this 1L Rs. Why this so called friend is not giving his own account number?

    Thanks

    Ashal

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