Hi All,

I am putting the chit for past 8 months and this is an unorganised chit . Net contribution is equal to total cumulative amount received.No profit  in chit.

I send each contribution thru NEFT for each individual participants.

 

When I took an auction,Instead of receiving the each chit  amount from all participants,Only three of participants send the full amount. They transferred internally before sending it to me as a single amount.As I said this is unorganised.

Do i need to show it in ITR, because this is unorganised I do have any information about the chit organisation and participate information.

Will the big amount (5 lakhs) will cause issue.

How do I tackle this.