Abovemention, I gave some perso 4 lacs RS. four lacs cash. he gave me cheque after 1 year only capital, I had not asking for any interest because I don't want to take interest with my friend. can I borrow white money as a loan 4 lacs RS. 1st day I gave him half & next days half.
please kindly help me.
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official loan in cash but in income tax department return shows
Replies (2)
in case any inquiry comes, you should be able to explain and substantiate your statement.. if not you will be liable to pay tax on 4 lacs @ 77.25% or 82.25 % subject to the conditions
if I close my savings or partnership account, At that time, it is necessary to give remaining Cheque which is not used in my possession cheque book.
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