Transferred money in Maternal uncle bank account

When filing ITR-2 for FY 2023-24, you need to consider the following points regarding the transfer of INR 2.5 lakhs to your maternal uncle and the subsequent purchase of electronic goods:

1.     Disclosure Requirement: Schedule AL (Assets and Liabilities) in ITR-2 requires the disclosure of various assets, including loans and advances given, if your total income exceeds INR 50 lakhs in the financial year. If your income is below this threshold, you are not required to fill out Schedule AL​.

2.     Loan/Advance Section: Since you transferred INR 2.5 lakhs as a loan to your uncle, this amount should be disclosed under the "Loans and Advances" section if Schedule AL applies to you. Even though the electronics were purchased in the next financial year, the loan was given in FY 2023-24, so it should be reported for that year.

3.     Amount to Disclose: You should disclose the entire INR 2.5 lakhs given as a loan/advance in the assets and liabilities schedule, not just the remaining INR 1 lakh. This is because the disclosure is based on the loan given during the financial year, regardless of how it was utilized later​ .

Hi Alok,

Just one correction...I had given 2.5 lacs (in Nov'24) to uncle,  out which my uncle purchased electronics goods worth 1.5 lacs in Mar'24 only (in same financial year).

Now, should I disclose remaining 1 lacs in ITR as loan/advance given or do I have to disclose complete 2.5 lacs.

Please suggest.

Net amount after adjusting the amount spent on your behalf. Make sure all the puchase invoice/bill should be in your name.

Hi Alok,

I have already filed the ITR on 12-Jul....its not been processed yet.....if I revise my ITR tomorrow then in that case any late ITR file fees get applied to it (as last date to file ITR is 31-July).

No late fee shall not be imposed