hello friends
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 .
3. can i show this 10 lac rupees as gift from relatives? if i show this money as a gift then what documents and formalties would be full fill?
CAclubindia
