Where did the name "Real Estate" come from?

Is it possible to receive a huge amount from my foreign friend in my SBI bank a/c for real estate investment?

• I am establishing partnership firm in India, it’s between me and my foreign friend who is Canadian citizen, we will deal in real estate in buying, selling, developing townships etc. In partnership firm, the taxes are 30% as we all know, remaining will be distributed among both of us. On the other hand, Because of trust factor and finding some investors for my foreign partner for their business we have reached to this level where my partner is even ready to transfer the amount in my personal bank account so no 30% taxes will be given in case if we buy property through my name using the money which w’d come in my personal account rather buying through firm name. We also know that foreigners can’t buy Property in India on their names so my partner is even ready if I buy property on my name. So is it possible that i receive huge amount in my own SBI bank account so major properties can be buy using my name and rest in partnership firm name, at time of giving back the profit to my partner, i use my own bank account to transfer the funds to my partner so 30% taxes will be given only on those properties what w’d have been bought using firm name, what documents can i show to the income tax department at time of receiving the huge amount from my partner and sending the profit money to my partner at the time of selling the properties? Can i show my partnership deed not only just for the prove of firm existence BUT also at the time of doing transaction from personal account, to prove we are genuine and doing these transactions for business purposes. Partnership deed has got all partnership clauses, also included my name, my partner name, Addresses and signature of both. Also, my real brother is NRI who is in Qatar (I am not NRI) who also has SBI NRI account, w’d it be ok to use his NRI account for receiving and sending money for my business transactions AND showing the same partnership deed which is on the stamp paper in case if i or my brother w’d be questioned, but problem is, NRI account belongs to my brother and partnership deed is between me and my foreign friend, Please suggest what to do? Looking forward to see reply, Thank you.

• Answer:

  Set up a separate account for your partnership.