Does Converting Credit card outstanding into Emi's are tracked by IT

[sairamrahul]

Hi

This might be a wired scenario, I hold credit cards worth limit 70 lakhs, I'm in some urgent financial need, Can I spend close to 30 35 lakhs in credit cards ( swiping the card and getting the money through cc to money transfer) and convert this outstanding amount into EMIs, in this scenario do I get a notice from income tax ?

I get close to 3 lakhs as my gross pay monthly

 

[abhimarda]

Hi

This might be a wired scenario, I hold credit cards worth limit 70 lakhs, I'm in some urgent financial need, Can I spend close to 30 35 lakhs in credit cards ( swiping the card and getting the money through cc to money transfer) and convert this outstanding amount into EMIs, in this scenario do I get a notice from income tax ?

I get close to 3 lakhs as my gross pay monthly

You should be thinking of how you are going to pay such amount rather than worry about income tax notice. But 30-35 lakhs suddenly can cause banks to raise suspicious transaction report and they can ask for details as this will be not aligned to your spending pattern. And if you are trying to hide sone other loss like betting/ derivatives trading/ crypto then good luck!

 

[amitvicky]

Go for personal loan from a reputed bank. Interest rates would be better as compared to CC emi interest.

 

[abhimarda]

Go for personal loan from a reputed bank. Interest rates would be better as compared to CC emi interest.

70 lakhs of personal loan? May be he will be able to take loans from 1-2 banks before the CIBIL starts showing the recently taken personal loans and then other banks would back out.