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Shortage of cash

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(Querist)
13 May 2014 my friend purchase a car for 25 lakh and pay the amount 15 lakh through loan and 10 lakh from cash in black. how I can cover 10 lakh. is any option under income tax like gift or loan. friend is not covered in.audit
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Sandeep Dharar

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Sandeep Dharar (Expert)
13 May 2014 No shruti u can show it as loan but u must provide interest on it.
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Rupesh Jain

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Rupesh Jain (Expert)
14 May 2014 INTT ON CAR LOAN NOT DEDUCTABLE UNDER INCOME TAX
AS INDIVIDUAL
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Sandeep Dharar

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Sandeep Dharar (Expert)
14 May 2014 Rupesh she is asking only about the treatment n not what if the interest is allowed or not.
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