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.
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.
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.
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.
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
- Supply through E-commerce Operators
- STCG....................................................
- TAN for Partnership
- Sales return eway bill
- Relief u/s Section 89
- AMOUNT RECEIVED UNDER COMPULOSRY ACQUISITION OF AGRICULTURAL LAND
- STCG FOR GOLD ETFs
- LTCG for Assmt year 26-27
- Tax liability on income of freelancer
- E way bill for tractors
- Section 54F - Exemption on LTCG in 2026 for HP purchased in 2023
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- Nomination of Bank for refund in itr 2
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
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
