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Regarding cash recd for study in Australlia

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Accountant
647 Points Posted on 19 December 2018
Sir my query is that I have send my son for study in Australlia and deposited a sum of rs 10.00 lac from verious parties as unsecured loan sir now I am in receipt of a notice from Income tax deptt to show the money please advise me the relating matter I shall be highly thankful for you.
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On 19 December 2018 at 16:38 Report
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Self Employed and Agriculture
1349 Points Posted on 19 December 2018

At initial stage please prepare list of parties and amount of loan taken from each of them,

further process depends upon AO and his satisfaction

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On 19 December 2018 at 16:45
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Student CA CPT
36 Points Posted on 20 December 2018
Hi Rajat ,


this case looks familiar . Your AO will have detailed Scrutiny of such amount as this is almost an High Value Transaction. I Would Suggest you to have a CA assit you for same as this Case is in merit of officer.
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On 20 December 2018 at 01:56


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