Need to show loan in my itr or not?

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

20 January 2018 I want to buy a flat and for that I need deposit the money to builder . I have good relations with my friends which can give me money which I can pay later to them

I want to take 10 lakh rupees from person A into my bank
I want to take 5 lakh rupees from person B into my bank

Do I need to show this as loan in my ITR OR Shall I just skip and later after 1 or 2 years return them when I have?

If It don't show Is It an offences and I get penalty?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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20 January 2018 It is not an offence not shown in ITR. Take the loans through cheque payment and return it also through cheque. You can't take cash above 20000 as loan and return through cash.

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Querist : Anonymous

Querist : Anonymous (Querist)

21 January 2018 Thanks SEETHARAMAN sir

What If I return the amount in 5 years and In between Income Tax dept. send me email and ask where you got the money and then they ask why you did not show as loan [If you took earlier]?

Pls advise in above situation what to do.

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CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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21 January 2018 Those earning Rs 50 Lacs and above income only mandatory to disclose assets and liabilities in ITR. Others it is not compulsory. For proof of taking loan show bank statement.

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Querist : Anonymous

Querist : Anonymous (Querist)

28 January 2018 Thanks SEETHARAMAN sir for your insight.

Thanks