Funds remittance abroad
Hi, I have one very urgent query:
I live in India and my brother lives in Canada and is a Permanent resident over there.
We have to transfer him some funds abroad roughly Rs. 50 lac in a day or two.
These funds are required to buy a house over there on his name.
I have some fixed deposits on my name which are getting matured in July end.
This money was gifted to me by my mother 1.5 years back and I am paying tax on the interest amount.
Likewise these fixed deposits are getting matured in July end and as I have to do remittance within 2 days; how should I do it?
Should I break my FD before maturity date?, but there will be interest loss.
Should I take loan on that FD and get the same transferred in my savings account and do the remittance; this way it will be cheaper.
The money which was given to me was gifted by my mother, or should I take the loan or premature the FD's and transfer the money back to my mothers account and then she transfers to my brother?
Why I am saying this is just because in books the entry stands that my mother transferred the money in my account and now I am giving some of the money back.(by taking loan or prematurity).
Also, my brother has a savings bank account in India, ,of which my Father is the joint holder.
Should we transfer the money to his account in India and do the remittance from there?
I am really confused on how to do the transaction.
And what is the legal way to transfer the money?
Does income tax department comes to know about such transactions?, will there be any problem by the income tax department?
Kindly help me with this.
Thanks.