Higher amount transaction: IT notice?

[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

AI Summary

Concern Over Potential Tax Notice After Undisclosed Cash Transaction in House Purchase; Advice Given to Prepare Proper Response. A person is concerned about a potential notice from the Income Tax Department after purchasing a house. They received 10 lakhs from their father via cheque, deposited it into their account, and withdrew the same amount in cash for the seller, which was not disclosed in their income tax return. They financed the remaining amount through a home loan. A respondent advised not to worry, suggesting that a notice may not be issued, and even if it is, they can respond appropriately after reviewing the notice's contents.