Urgently answer required ( with reference to act, if any)

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

28 December 2013 Dear valued Experts

Illustration:

Suppose I have given a sum of Rs 10 lac to my close friend/ relative who has deposited in his bank account and he is paying me interest regularly after deducting TDS.

But slowly and gradually he transfers that amount to another account but debiting my account and thus reducing my balance.

Now please tell me the consequences of this and what are options on my side to recover the amount of Rs.10 lacs and also tell me what the Income Tax Department will do in this matter.

Nikhil Kaushik online

Nikhil Kaushik online

(Expert)
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29 December 2013 are you in position to establish that the said amount was transferred by you as a loan to friend/relative??

If so, you can start recovery proceedings in the court of law.

With regards to income tax department, it has no reason to intervene in this matter.

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