Transferred money in Maternal uncle bank account

Vicky Kumar (Job) (89 Points)

30 July 2024  

I had transferred 2.5 lacs rupees in Nov'24 in my maternal uncle bank account as he need this money for purchasing flat for himself.

 

When he was returning money to me, I had asked him to purchase electronics goods like 2 ACs, TV, Fridge, washing machine etc. for me as my uncle has several credit cards using which we can get good discounts.

 

He had purchased above electronics items for me in Apr'24.

 

I am filing ITR2 for FY 2023-24, do I need to mention this 2.5 lacs in loan/advance section of assets and liabilities schedule as I had ttransferred this amount in maternal uncle account in Nov'24 (i.e. FY 2023-24) but my uncle purchased electronics items for me in Apr'24 (I.e. next financial year).

 

Also, these electronics items costed only 1.5 lacs. He will return the remaining amount to me in my account.

 

So, please let me know, do I have to disclose this 2.5 lacs amount given in loan and advance section of asset and liabilities schedule. If yes, then do I have to mention the complete 2.5 lacs amount or just 1 lacs amount (that he would be transferring in my account as electronics items costed around 1.5 lacs)