How to show the reciept of amount?

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

05 March 2018 My friend had given a loan to his relative through a cheque in a financial year. He received back the sum in total in another financial year through NEFT/ Cheque .

Since the amount involved is around rupee 5 Lakhs, how can this amount be shown in ITR, as the IT Dept may issue notice for the high transaction?

KAVIRAJA ADDANGADI

KAVIRAJA ADDANGADI (Expert)
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06 March 2018 If you are filing other than business income, No need to show above transaction in Income Tax return.

You should have source of income or savings of Rs.500000/- Source of Income which is shown previous income tax returns.

If you received subsequently no need to show in itr but same to be documented by way of agreement for purpose of documentation is more than sufficient.