Tax liability on fund transfer
This query is : Resolved
Rohit Chauhan
(Querist)
09 March 2017
If i transfer,say rs.5 lakh, from my saving account to some other person, and after some time he returns my money back in my saving account. Then would it shown in my ITR .if yes,how????
KAVIRAJA ADDANGADI
(Expert)
09 March 2017
No need to show in Income tax return, if you are filing Balance sheet you can mention under loans and advances.
CA Gopal Somani
(Expert)
10 March 2017
No Need to show in ITR. Not Even in balance sheet as the loan has been repaid (assuming it is repaid in same financial year).
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