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This query is : Resolved
Mahaveer Pareek
(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 .
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 .
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.
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
Sagark.kotak@gmail.com so can i furthur guide you
Regards
Ca sagar Kotak
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.
sir can i show 10 lac rupees as a gift received from relatives.
in money gift, what document and formalties would be full fill.
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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