One of my friends has borrowed loan of ₹ 8 Lakhs for construction
purpose. The amount was paid to him by a contractor in cash.
He deposited the amount in Bank and using for his needs as
and when necessary. Now a question has arisen whether
this amount is questionable by I.T. authorities at a later date
since cash is deposited in Bank ?
Cash Loan of 8 Lakhs from Contractor for Construction: Potential Tax Implications and Concerns Over Income Tax Queries A user inquired about the potential tax implications of a friend depositing a cash loan of 8 lakhs into a bank account. The loan, intended for construction purposes, was received from a contractor. The user is concerned about whether the Income Tax authorities might question this cash deposit in the future. (AI Summary)
TaxTMI 
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