Banking Query

Hi, Yes you can transfer the said amount to your friend's account. If there is no illegality about the transaction then income tax will not enquire about it. However, you should be able to show the source of income if needed. Do rate this if you found this helpful.

Dear Sir, If you are not regularly transferring such amount then IT Department has no time to dig into such isolated transactions. Please give me rank after viewing my details. Please call me for further assistance.

There is no limit imposed by the RBI for funds transfer through NEFT system. You should be in position to explain the source for the same. A bank has to file an SFT when the aggregate cash deposits of all the savings bank accounts of a client exceed ₹10 lakh in a year. It is not difficult for Income tax Department for report of High Value Transaction ..

The electronic system will get the things revealed and the recepient of the amount will have to make declaration regarding the source. It is not difficult for the I.T. Department to locate the source. Please give me Rank Five and follow me after reviewing my resume and book a consultation for further discussion and explanation if required.