Bank account withdrawal limit


This query is : Resolved 

Avatar

Querist : Anonymous

Profile Image
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

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

Avatar

Querist : Anonymous

Profile Image
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 ?

Avatar

Expert : Anonymous

Profile Image
Expert : Anonymous (Expert)
02 June 2017 You can't show it as an expense.Withdraw in part say 50000 in & give them.

Avatar

Expert : Anonymous

Profile Image
Expert : Anonymous (Expert)
02 June 2017 Try to make small payment not all payment at one time.

02 June 2017 Look into sec 269ST.Avoid transaction 2lac or more in one day.It is advisable for part transaction.


You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now



Similar Resolved Queries


loading


Unanswered Queries



CCI Pro



Answer Query



Company
ARTICLESHIP 29 August 2026
Article Assistant

RRPM & ASSOCIATES LLP

Chennai

CA Inter

View Details
Company
27 August 2026
ACCOUNTANT

CHARUPREETI & CO

Noida

Graduate (Any)

View Details
Company
ARTICLESHIP 10 August 2026
Article Assistant

Suraj Garg and Associates

New Delhi

CA Inter

View Details
Company
ARTICLESHIP 25 August 2026
CA Article's

Saini Pati Shah & Co LLP

Mumbai

CA Inter

View Details
Company
21 August 2026
Accountant

A G International

Kolkata

B.Com

View Details
Company
24 August 2026
Semi-Qualified CA/CA Finalist - Tax, GST, Audit & Accounts

Bharat Shah & Associates

Mumbai

CA Inter

View Details
Company
07 August 2026
Chartered Accountant

Devesh Garg and co

New Delhi

CA

View Details
Company
ARTICLESHIP 17 August 2026
Article Assistant

Jain Ankit and Co

Gurgaon

CA Inter

View Details
FOLLOW
US ON