Bank account withdrawal limit

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

01 June 2017 Sir/Maam,
I have to give some amount to my two three friend which I borrowed from them in my sisters wedding. Total amount is around 3 Lacs. How can I re-pay then so that we all do not fetch any tax complication.

I got all the amount in cash from them

CA Rashmi Gandhi

CA Rashmi Gandhi (Expert)
Follow

01 June 2017 Its better you will return them in cash.

Message likes : 1 times

Querist : Anonymous

Querist : Anonymous (Querist)

01 June 2017 But Maam is it ok to withdraw 3-4lacs from my account ?
It will become an issue for me as well if any notice comes. How can I clarify them about these transactions.

Is there any other or can I show them as an expense etc ?

Upgrade to CAclubindia Pro. Subscribe Now!

Expert : Anonymous

Expert : Anonymous (Expert)

02 June 2017 You can't show it as an expense.Withdraw in part say 50000 in & give them.

Expert : Anonymous

Expert : Anonymous (Expert)

02 June 2017 Try to make small payment not all payment at one time.