Hi Experts,
i have a small query.
A person claimed that he sold his agricultural land and given Rs. 10lac to his maternal uncle on returnable basis. However his uncle is not an income tax assesse. Moreover both these persons claim to have this done as cash transaction. Will this transaction will be count in the annual income of the person who claim to receive this on returnable basis. Can Income Tax department will take any action against these persons if in case this is not a valid transaction.
CAclubindia
