I.t.return 19-20

This discussion addresses an error in an IT return for FY 19-20 where a Rs. 3 lakh cash loan transferred to a wife's bank account via bank transfer was incorrectly treated as a cash gift. The user seeks guidance on how to adjust this transaction in their books and IT returns, either for FY 19-20 or FY 20-21, clarifying the correct treatment for a cash loan versus a gift. The repayment of the loan by the wife in subsequent years is also a consideration.