05 June 2012
sir/madam i am an individual.i have deposited 10 lac rupees in bank before 2 years ago.i have been filed my income tax return. now a scrutiny has come where assessing officer ask me to source of this 10 lac rupees. 1.can i display above money as an unsecured loan? 2.tell me, what limitation of cash loan from a person(i mean can i take 1 lac rupees in cash as a loan from a person, if no then what limitation is prescribed under I.T. Act 1961) please reply .
06 June 2012
thanks kotak sir. sir can i show 10 lac rupees as a gift received from relatives. in money gift, what document and formalties would be full fill.
CAclubindia
