11 December 2012
I have just sold my agriculture land where from I received maximum chunk in cash. Now I wish to buy a residential property and I have to shed 50lacs as a registry value. I have 25L in my bank. My query is can I arrange a temporary loan from my tax payee friends. Say 50000/- each from 50 friends, which will generate my bank balance to the tune of 50L required to by a property? Is there any Income Tax department objection. If not, how long can I continue this loan? Please advice.
I Wanna to Clarify That The Idea of Collecting 50000 from 50 Friends is Very Old, and Many Have Been Stucked in Same Kind of adjustment.
Pls Let Me Know The Amount You Received Through Selling Agriculture Land, If You Can able to Show The Whole Transaction in Cash, Then Its also Ok, Since There is No Bar Placed in Act That You Cant Sell Asset and Buy in Cash. so You Can Show Transaction in Cash.
11 December 2012
Dear Mr Agarwal, No on papers I just received Rs 15L. And you told that "The Idea of collecting 50000 from 50 friends is very old" please tell me what kind of implications it may carry.
12 December 2012
Yes, It May Have Tax Scrutiny. Since You Have to Prove The Loan Taken from 50 parties, and You Must Have Trust That in front of Department They will not change their statement.
12 December 2012
Dear Anu, You Can Check Your Inbox, That is Showing in Top Right of Caclubindia Webpage. For Further Clarification, You Can Message Me.
CAclubindia
