Deposit of 500/1000

293 views 4 replies

I have taken a loan from LIC Housing for Rs.10,00,000/-(Under Special chennai fo\lood -2015) and out of which Rs.7,00,000/- was given to my father's friend.  Now, he wants to return it immediately with 500/1000 notes.  Can i take and deposit, will it be taken as hoarding of black money.  I can prove my source of income and the loans.  What will happen if the IT is taking this as separately post demoneitsation.  My  taxable income is 10,05,000/-.  Kindly advise me whether to take that and deposit(If i don't take from him, he will not return the money).

Replies (4)

Sir,

Its your money and from a valid source.

There is no point of rejecting it reciept.

Accept it, deposit in your account and if and when asked for its source, explain and justify your claim.

Thanks

 

Originally posted by : Shivangi Garg
Sir,

Its your money and from a valid source.

There is no point of rejecting it reciept.

Accept it, deposit in your account and if and when asked for its source, explain and justify your claim.

Thanks

 

From 8th November cuurency has no legality therefore It should not be accepted.

Further your uncle should deposit in their bank account and if any inquiry approach by Revenue dept. ,then he can give your name that as unsecured loan...  

Bharghav Sir,

I agree with your reply.

but the borrower is denying repayment (either he'll pay in old currency or won't pay) in such case the lender does not have any other option. he can't let go his money.

plz suggest..

I am seeing daily  some new new news is coming up.  I am worried since i am in the 30% slab and if they treated this as hoarding, i have to pay 2,10,000/- as IT + 4,20,000/- as Penalty and another Rs.18600/- as surcharge for the whole amount, leaving  around 50,000/- . Under this circumstances,   your valued suggestions are solicited.

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
22 July 2026
Senior Chartered Accountant

SKSS

Patna

CA

View Details
Company
Featured 16 July 2026
Semi Qualified Company Secretary

Vakilsearch.com

Chennai

CS

View Details
Company
ARTICLESHIP 16 July 2026
Article Assistant

G A R U D & Associates

New Delhi

CA Inter

View Details
Company
ARTICLESHIP 14 July 2026
Article Assistants

R Shyam and Associates

New Delhi

CA Final

View Details
Company
ARTICLESHIP 16 July 2026
CA Article

Pipara & Co. LLP.

Mumbai

CA Inter

View Details
Company
ARTICLESHIP 10 July 2026
Article Assistant

N S Gokhale & Co

Thane

CA Inter

View Details
Company
ARTICLESHIP 23 July 2026
Article

Gianender & Associates

New Delhi

CA Inter

View Details
Company
ARTICLESHIP 07 July 2026
Articleship

Jawahar and Associates Chartered Accountants

Hyderabad

CA Inter

View Details