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(Querist)
05 June 2012 sir/madam
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 .
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CA Sagar Kotak

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CA Sagar Kotak (Expert)
05 June 2012 Sir, As per income tax act assessee can not take cash loan more than Rs. 20,000/- in a year from one person.
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CA Sagar Kotak

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CA Sagar Kotak (Expert)
05 June 2012 Send me your detail eg. yor balance sheet, computation of income on my mail id
Sagark.kotak@gmail.com so can i furthur guide you

Regards

Ca sagar Kotak
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Mahaveer Pareek

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Mahaveer Pareek (Querist)
06 June 2012 thanks kotak sir.
sir can i show 10 lac rupees as a gift received from relatives.
in money gift, what document and formalties would be full fill.
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Soumitra Basu

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Soumitra Basu (Expert)
06 June 2012 You can show Rs. 10.00 Lac as gift from relative provided the relative has disclosed the same on his income tax file.
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