Can i raise a temporary loan from friends
This query is : Resolved
11 December 2012
I have just sold my agriculture land where from I received maximum chunk in cash. Now I wish to buy a residential property and I have to shed 50lacs as a registry value. I have 25L in my bank.
My query is can I arrange a temporary loan from my tax payee friends. Say 50000/- each from 50 friends, which will generate my bank balance to the tune of 50L required to by a property? Is there any Income Tax department objection. If not, how long can I continue this loan? Please advice.
My query is can I arrange a temporary loan from my tax payee friends. Say 50000/- each from 50 friends, which will generate my bank balance to the tune of 50L required to by a property? Is there any Income Tax department objection. If not, how long can I continue this loan? Please advice.
CA Ayush Agarwal
(Expert)
11 December 2012
Dear Author,
I Wanna to Clarify That The Idea of Collecting 50000 from 50 Friends is Very Old, and Many Have Been Stucked in Same Kind of adjustment.
Pls Let Me Know The Amount You Received Through Selling Agriculture Land, If You Can able to Show The Whole Transaction in Cash, Then Its also Ok, Since There is No Bar Placed in Act That You Cant Sell Asset and Buy in Cash.
so You Can Show Transaction in Cash.
I Wanna to Clarify That The Idea of Collecting 50000 from 50 Friends is Very Old, and Many Have Been Stucked in Same Kind of adjustment.
Pls Let Me Know The Amount You Received Through Selling Agriculture Land, If You Can able to Show The Whole Transaction in Cash, Then Its also Ok, Since There is No Bar Placed in Act That You Cant Sell Asset and Buy in Cash.
so You Can Show Transaction in Cash.
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11 December 2012
Dear Mr Agarwal, No on papers I just received Rs 15L. And you told that "The Idea of collecting 50000 from 50 friends is very old" please tell me what kind of implications it may carry.
CA Ayush Agarwal
(Expert)
11 December 2012
I Mean Its Look a Pure Adjustment.
12 December 2012
of course its a pure adjustment, but does it carry any tax implications?
CA Ayush Agarwal
(Expert)
12 December 2012
Yes, It May Have Tax Scrutiny.
Since You Have to Prove The Loan Taken from 50 parties, and You Must Have Trust That in front of Department They will not change their statement.
Since You Have to Prove The Loan Taken from 50 parties, and You Must Have Trust That in front of Department They will not change their statement.
12 December 2012
For this we can can get a confirmatory letter from them that they have lend me so much amount by cheque no so & so.
If by chance case comes under scrutiny, will the lender be required to present personally or documentary proof will do.
One more thing, Is there any other way to generate white money except the bank loan?
If by chance case comes under scrutiny, will the lender be required to present personally or documentary proof will do.
One more thing, Is there any other way to generate white money except the bank loan?
CA Ayush Agarwal
(Expert)
12 December 2012
AO May Ask to Present Physically, Documentary is Not a Conclusive Evidence Only.
CA Ayush Agarwal
(Expert)
12 December 2012
Check Your PM.
CA Ayush Agarwal
(Expert)
12 December 2012
Dear Anu,
You Can Check Your Inbox, That is Showing in Top Right of Caclubindia Webpage.
For Further Clarification, You Can Message Me.
You Can Check Your Inbox, That is Showing in Top Right of Caclubindia Webpage.
For Further Clarification, You Can Message Me.
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