Menu
Cash transaction
I have taken 2 lacs loan from my sister by cheque. After long time, I am unable to pay 2 lacs. meanwhile, she cut our family relation due to loan. Suddenly she came day before yesterday and told give me my money. I gave her cheque but she refused to accept. so I gave 2 lacs cash.
now advice me how can I show this amount in my ITR. This 2 lacs is pure white amount.
Replies (5)
Need more info from you:
Have u paid it by withdrawing cash from your personal account?
Is the loan received for business purpose and have u shown it as such in ITR when u received the same?
With drawing cash from my account.
Business purposes and shown in ITR
If for business purpose u earlier use that amt. Then the amount u paid in cash is deemed as income in the assessment year in which u paid in cash
Not satisfied with your reply
@ bhandari: I tried to post some link here but it is not at all getting posted, don't know why, so I've sent you a pm in which I have given u a link, pls see if that is helpful
Recent Threads
Related Threads
CAclubindia
