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Extra cash in salary account!!!

 
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Greetings Ranchers,

I'm taking some money from a friend of mine(Around 5Lakh Rs.) to buy a home in Banglore. If this amount gets credited to my Salary Account will it come under tax scanner? If yes, how can I take the money from him and deposit it safely without taxmen chasing me???

Thanks in advance,

Naveen
 
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Depositing more than Rs 50,000 requires you to give your PAN(Permanant Account Number) I believe.
 
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No idea about tax laws in India, and frankly, I'm not an expert about the tax laws in the US, but here, there is a "gift tax" that applies whenever property is transferred between individuals as a gift. There is an annual exclusion which I think is actually 11,000, very close to the cash value of your 500,000 rupees. So in the US, there would be no taxes owed on a gift of 500,000R.

But if there's a similar law in India, and the exclusion amout is less (and I'd imagine it is, as 500,000R is more than ten times the average annual income in India), then you're asking people to help you break the law in this thread, plain and simple. If anybody can confirm all this for me, then I'm going to close this topic.
 
Shyam kumar
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ArjunKumar,

So you want to say that when I deposit any check of more than 50 thousand in my salary account I need to write your PAN no. also? Looks strange
 
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Originally posted by Naveen Sharma:
ArjunKumar,

So you want to say that when I deposit any check of more than 50 thousand in my salary account I need to write your PAN no. also? Looks strange



Read the second point at the following Income Tax Website link:

http://www.incometaxindia.gov.in/PAN/Overview.asp
 
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I very much doubt that any IT related problem may come.

How much I know, it does not matter whether its your salary account or normal account.
 
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If Gift Tax is applicable, take it as a loan.
 
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Hey Naveen,

Well, as per the new Income Tax rules which is suppose to me implemented next year onward, when you file your returns then you need to give justify of the excess amount in your salary account.

The best thing that you can do is ask your friend to directly deposit the money in the builder's account.

I would also suggest to get advise from a CA on the same.

Regards
Naveen
 
R K Singh
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Originally posted by Bo Yyempeti:
If Gift Tax is applicable, take it as a loan.



then other person has to pay tax on the interest ...
 
Shyam kumar
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How about opening a saving bank account and deposit the money there? Can't this be a solution?
 
Bo Yyempeti
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Originally posted by R K Singh:


then other person has to pay tax on the interest ...



Whoever said anything about paying interest ?
 
I can't beleive you just said that. Now I need to calm down with this tiny ad:
a bit of art, as a gift, the permaculture playing cards
https://gardener-gift.com
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