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Scrutiny case

Tax queries 738 views 2 replies

 

hello friends
i am an individual.i have deposited 10 lac rupees in bank before 2 years ago.i have been filed my income tax return.
now a scrutiny has come where assessing officer ask me to source of this  10 lac rupees.
1.can i display above money as an unsecured loan?
2.tell me, what limitation of cash loan from a person(i mean can i take 1 lac rupees in cash as a loan from a person, if no then what limitation is prescribed under I.T. Act 1961) 
please reply .
3. can i show this 10 lac rupees as gift from relatives? if i show this money as a gift then what documents and formalties would be full fill? 
Replies (2)

Without knowing the source of money and details of your Balance sheet of that particular year, it is difficult to answer the query.

.

Cash limit of loan from a single person is Rs 19999.

.

 

Agriculturist relatives , Deceased Ancestors or family member etc. may be helpful in such cases. 

 

Thanks sir to give your valuable time for my query.

sir i want to know that if i show this money as a gift from deceased ancestors , agricultriost relative or other relatives  then what documents have to full fill?


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