Cash loan of Rs. 1,60,000, deposited in my bank account.

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

15 December 2010 My client has deposited Cash of Rs. 1,60,000/- in his bank account, which he had taken from his relatives to meet the expenses of his marriage. Now, in process of reassessment, the Income tax officials are asking the detail of same. Kindly guide ms as how to explain this transaction as a cash loan of more than Rs. 20,000/- is not permissible.

Aditya Maheshwari

Aditya Maheshwari (Expert)
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15 December 2010 Show gift received at the time of marriage insetad.

Querist : Anonymous

Querist : Anonymous (Querist)

15 December 2010 Rs. 1.60 lakh as gift, that too before marriage.. I think they wont consider it.. Is there any situation possible, where Cash loan of more than Rs. 20,000 is permissible ?

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HUZAIFA HUSSAIN

HUZAIFA HUSSAIN (Expert)
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15 December 2010 Show loans of less than Rs. 20000/- from 5-6 relatives and some part as marriage gifts from close relatives. Also get confirmation from the relatives having source of income .

Aditya Maheshwari

Aditya Maheshwari (Expert)
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15 December 2010 Show loan from 8 - 10 persons who do not file income tax returns.