Bank account withdrawal limit

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Querist : Anonymous

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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.

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Querist : Anonymous

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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 ?


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Expert : Anonymous

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

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Expert : Anonymous

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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.



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