One of my friends wanted to purchase a house. He took Rs 10 lakhs (cheque) from his fater and deposited in his own account. Since the seller wanted 10 lakh amount in cash and remaining by cheque, my friend withdrew Rs. 10 lakh cash from his account and gave it to the seller. (Of course this transaction was not dosclosed in ITR. He got home loan for the reminaing amount). This happened in the first year when he had stared earning and filing IT retunrn. And now he is afraid that he would get a notice from IT dept for such transaction. Is he really likely to get a notice? If yes, what should he do?
Many thanks
CAclubindia
