Afraid of it notice: larger amount transaction

One of my friends wanted to purchase a house. He took Rs 10 lakhs (cheque) from his fater and deposited in his own account. Since the seller wanted 10 lakh amount in cash and remaining by cheque, my friend withdrew Rs. 10 lakh cash from his account and gave it to the seller. (Of course  this transaction was not dosclosed in ITR. He got home loan for the reminaing amount). This happened in the first year when he had stared earning and filing IT retunrn. And now he is afraid that he would get a notice from IT dept for such transaction. Is he really likely to get a notice? If yes, what should he do?

Many thanks

Replies (1)

IT notice may not come but if the assessee is really worried, then he may prepare a document stating that he has given a loan of this amount to his father.

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
ARTICLESHIP 22 October 2026
Articleship intern

Srinath Manikanta

Hyderabad

CA Inter

View Details
Company
ARTICLESHIP 28 October 2026
Article assistants

Shyam S Gupta and Company

New Delhi

CA Inter

View Details
Company
23 October 2026
Sr. Accountant

SANKARAN & KRISHNAN

New Delhi

B.Com

View Details
Company
Featured ARTICLESHIP 31 October 2026
CA Articleship

apricus india

Navi Mumbai

CA Inter

View Details
Company
Featured ARTICLESHIP 28 October 2026
CA- Inter and Articles

N N V Satish & Co.,

Hyderabad

CA Inter

View Details
Company
12 November 2026
Tax Product Specialist

BharatX.ai

Gurgaon

B.Com

View Details
Company
13 November 2026
Accountant

New Mobile India

Muzaffarpur

B.Com

View Details
Company
ARTICLESHIP 23 October 2026
CA Articleship / Article Assistant

M N Rao & Associates LLP

Vijayawada

CA Inter

View Details