Scrutiny
This query is : Resolved
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 .
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 .
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.
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
Sagark.kotak@gmail.com so can i furthur guide you
Regards
Ca sagar Kotak
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.
sir can i show 10 lac rupees as a gift received from relatives.
in money gift, what document and formalties would be full fill.
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.
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- About TDS & Income Tax
- Section 194JA & JB Income which ITR Form to use
- Pass word to open justification report for Q1 for FY 2026-27
- PPF interest-As Exempt Income disclosure
- Under construction property in ITR
- Scrutiny and reopening of past returns
- Booth for sales promotion
- Upload Level ValidationITR3Category of Defect B/D
- Building tax payment deduction in rental Income
- F & O PROFIT REPORTING FOR AY 2026-27
- Difference in GSTR3B system generated which is correct and actual Payment it asks
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Taxation in the hands of Landowner under JDA
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
