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Cash transaction

A D BHANDARI (Journalist) (133 Points)

29 May 2015

I have taken 2 lacs loan from my sister by cheque. After long time, I am unable to pay 2 lacs. meanwhile, she cut our family relation due to loan. Suddenly she came day before yesterday and told give me my money. I gave her cheque but she refused to accept. so I gave 2 lacs cash. now advice me how can I show this amount in my ITR. This 2 lacs is pure white amount.

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5 Replies

CMA Poornima Madhava (CMA) (13097 Points)
Replied 29 May 2015

Need more info from you:

Have u paid it by withdrawing cash from your personal account?

Is the loan received for business purpose and have u shown it as such in ITR when u received the same?

A D BHANDARI (Journalist) (133 Points)
Replied 29 May 2015

With drawing cash from my account. Business purposes and shown in ITR

Sourabh Jain (Credit Manager) (62 Points)
Replied 29 May 2015

If for business purpose u earlier use that amt. Then the amount u paid in cash is deemed as income in the assessment year in which u paid in cash

A D BHANDARI (Journalist) (133 Points)
Replied 30 May 2015

Not satisfied with your reply

CMA Poornima Madhava (CMA) (13097 Points)
Replied 30 May 2015

@ bhandari: I tried to post some link here but it is not at all getting posted, don't know why, so I've sent you a pm in which I have given u a link, pls see if that is helpful