Saving account and credit card doubts

Others 182 views 1 replies

Sir, should I have any income tax problem with the following transaction
1) My friend transfer amount through online to my account and I paid the friend credit card bill.
2) My friend transfer amount through online to my account and I transfer that amount to friend account.
3) My friend transfer amount through online to my account and I debit cash from the bank.
4) My friend deposit cash to my account and I transfer that amount to friend account.

Replies (1)

There is problem with transaction 3) and 4) as you cannot accept or repay loan by cash in excess of Rs 20000/-


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