Live Course on Drafting of Appeal and Reply of Penalty Notice by CA Sachin Sinha. Register Now!!

Regarding cash recd for study in Australlia

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.

Reply
Follow
Share

2 Replies

Rakesh Bandal (Self Employed and Agriculture) (1349 Points)
Replied 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

mit thakkar (Student CA CPT ) (36 Points)
Replied 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.

1 Like