Higher amount transaction: IT notice?, Income Tax

[r k]

One of my friends wanted to purchase a house. He took ₹ 10 lakhs (cheque) from his fater and deposited in his own account. Since the seller wanted 10 lakh amount in cash and remaining by cheque, my friend withdrew ₹ 10 lakh cash from his account and gave it to the seller. (Of course this transaction was not dosclosed in ITR. He got home loan for the reminaing amount). This happened in the first year when he had stared earning and filing IT retunrn. And now he is afraid that he would get a notice from IT dept for such transaction. Is he really likely to get a notice? If yes, what should he do?

Many thanks

One of my friends wanted to purchase a house. He took ₹ 10 lakhs (cheque) from his fater and deposited in his own account. Since the seller wanted 10 lakh amount in cash and remaining by cheque, my friend withdrew ₹ 10 lakh cash from his account and gave it to the seller. (Of course this transaction was not dosclosed in ITR. He got home loan for the reminaing amount). This happened in the first year when he had stared earning and filing IT retunrn. And now he is afraid that he would get a notice from IT dept for such transaction. Is he really likely to get a notice? If yes, what should he do? Many thanks

Read more at: http://www.caclubindia.com/forum/afraid-of-it-notice-larger-amount-transaction-307402.asp#.VCaEwxZrgdQ

One of my friends wanted to purchase a house. He took ₹ 10 lakhs (cheque) from his fater and deposited in his own account. Since the seller wanted 10 lakh amount in cash and remaining by cheque, my friend withdrew ₹ 10 lakh cash from his account and gave it to the seller. (Of course this transaction was not dosclosed in ITR. He got home loan for the reminaing amount). This happened in the first year when he had stared earning and filing IT retunrn. And now he is afraid that he would get a notice from IT dept for such transaction. Is he really likely to get a notice? If yes, what should he do? Many thanks

Read more at: http://www.caclubindia.com/forum/afraid-of-it-notice-larger-amount-transaction-307402.asp#.VCaEwxZrgdQ

One of my friends wanted to purchase a house. He took ₹ 10 lakhs (cheque) from his fater and deposited in his own account. Since the seller wanted 10 lakh amount in cash and remaining by cheque, my friend withdrew ₹ 10 lakh cash from his account and gave it to the seller. (Of course this transaction was not dosclosed in ITR. He got home loan for the reminaing amount). This happened in the first year when he had stared earning and filing IT retunrn. And now he is afraid that he would get a notice from IT dept for such transaction. Is he really likely to get a notice? If yes, what should he do? Many thanks

Read more at: http://www.caclubindia.com/forum/afraid-of-it-notice-larger-amount-transaction-307402.asp#.VCaEwxZrgdQ

One of my friends wanted to purchase a house. He took ₹ 10 lakhs (cheque) from his fater and deposited in his own account. Since the seller wanted 10 lakh amount in cash and remaining by cheque, my friend withdrew ₹ 10 lakh cash from his account and gave it to the seller. (Of course this transaction was not dosclosed in ITR. He got home loan for the reminaing amount). This happened in the first year when he had stared earning and filing IT retunrn. And now he is afraid that he would get a notice from IT dept for such transaction. Is he really likely to get a notice? If yes, what should he do? Many thanks

Read more at: http://www.caclubindia.com/forum/afraid-of-it-notice-larger-amount-transaction-307402.asp#.VCaEwxZrgdQ

One of my friends wanted to purchase a house. He took ₹ 10 lakhs (cheque) from his fater and deposited in his own account. Since the seller wanted 10 lakh amount in cash and remaining by cheque, my friend withdrew ₹ 10 lakh cash from his account and gave it to the seller. (Of course this transaction was not dosclosed in ITR. He got home loan for the reminaing amount). This happened in the first year when he had stared earning and filing IT retunrn. And now he is afraid that he would get a notice from IT dept for such transaction. Is he really likely to get a notice? If yes, what should he do? Many thanks

Read more at: http://www.caclubindia.com/forum/afraid-of-it-notice-larger-amount-transaction-307402.asp#.VCaEwxZrgdQ

One of my friends wanted to purchase a house. He took ₹ 10 lakhs (cheque) from his fater and deposited in his own account. Since the seller wanted 10 lakh amount in cash and remaining by cheque, my friend withdrew ₹ 10 lakh cash from his account and gave it to the seller. (Of course this transaction was not dosclosed in ITR. He got home loan for the reminaing amount). This happened in the first year when he had stared earning and filing IT retunrn. And now he is afraid that he would get a notice from IT dept for such transaction. Is he really likely to get a notice? If yes, what should he do? Many thanks

Read more at: http://www.caclubindia.com/forum/afraid-of-it-notice-larger-amount-transaction-307402.asp#.VCaEwxZrgdQ

One of my friends wanted to purchase a house. He took ₹ 10 lakhs (cheque) from his fater and deposited in his own account. Since the seller wanted 10 lakh amount in cash and remaining by cheque, my friend withdrew ₹ 10 lakh cash from his account and gave it to the seller. (Of course this transaction was not dosclosed in ITR. He got home loan for the reminaing amount). This happened in the first year when he had stared earning and filing IT retunrn. And now he is afraid that he would get a notice from IT dept for such transaction. Is he really likely to get a notice? If yes, what should he do? Many thanks

Read more at: http://www.caclubindia.com/forum/afraid-of-it-notice-larger-amount-transaction-307402.asp#.VCaEwxZrgdQ

One of my friends wanted to purchase a house. He took ₹ 10 lakhs (cheque) from his fater and deposited in his own account. Since the seller wanted 10 lakh amount in cash and remaining by cheque, my friend withdrew ₹ 10 lakh cash from his account and gave it to the seller. (Of course this transaction was not dosclosed in ITR. He got home loan for the reminaing amount). This happened in the first year when he had stared earning and filing IT retunrn. And now he is afraid that he would get a notice from IT dept for such transaction. Is he really likely to get a notice? If yes, what should he do? Many thanks

Read more at: http://www.caclubindia.com/forum/afraid-of-it-notice-larger-amount-transaction-307402.asp#.VCaEwxZrgdQ

One of my friends wanted to purchase a house. He took ₹ 10 lakhs (cheque) from his fater and deposited in his own account. Since the seller wanted 10 lakh amount in cash and remaining by cheque, my friend withdrew ₹ 10 lakh cash from his account and gave it to the seller. (Of course this transaction was not dosclosed in ITR. He got home loan for the reminaing amount). This happened in the first year when he had stared earning and filing IT retunrn. And now he is afraid that he would get a notice from IT dept for such transaction. Is he really likely to get a notice? If yes, what should he do? Many thanks

Read more at: http://www.caclubindia.com/forum/afraid-of-it-notice-larger-amount-transaction-307402.asp#.VCaEwxZrgdQ

One of my friends wanted to purchase a house. He took ₹ 10 lakhs (cheque) from his fater and deposited in his own account. Since the seller wanted 10 lakh amount in cash and remaining by cheque, my friend withdrew ₹ 10 lakh cash from his account and gave it to the seller. (Of course this transaction was not dosclosed in ITR. He got home loan for the reminaing amount). This happened in the first year when he had stared earning and filing IT retunrn. And now he is afraid that he would get a notice from IT dept for such transaction. Is he really likely to get a notice? If yes, what should he do? Many thanks

Read more at: http://www.caclubindia.com/forum/afraid-of-it-notice-larger-amount-transaction-307402.asp#.VCaEwxZrgdQ

Posts / Replies

[A M DESHMUKH]

Dear Friend

Not to worry. Let him get the notice first. Mostly he will not get it. And even if he gets it, after looking to the contents of the notice we would be able to reply accordingly..

So till that time not to worry and enjoy the present....