Tax on borrowed amount

any amount received over and above 2 lac in single transaction is subject to 100% tax payment of the amount

Accordingly this amount shall be taxable

Hi sir

To find the taxability of Rs 10 lakhs I need to see the relation between u & ur relative because As per the Income tax act, the sum of money received from any of your relatives are fully exempt from tax.

Relatives will be as per Section 56(2)(VII) of the Income Tax Act,1961.

so let me know the relation so that I can guide u better

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There is a 100% penalty on accepting or repaying loan in case above ₹20000.

Therefore if you are going to show it as loan you will have to pay 100% penalty on same.

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Thank you

Hi sir

if u received from father then wether ur father filled income tax return??

i need to know the source of rs 10 lacs

because amount received from father is exempt from tax

u can contact me for more info

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Yes because borrowing not allowed in cash

Hi

You cannot show it as a loan as provisions of section 169SS will hit.

Show it as a gift received. If it is a gift from relatives, it would be exempt income and no taxes shall have to be paid. 

If it is received from your father, gift is exempt.

Yes as per the law if you show it.

Hello,

Any person who receives a sum of Rs 2 Lakh and above is liable for a penalty equal to the amount of such receipt.

I hope that this answer satisfies your requirements. 

Regards,

CA Hunny Badlani

Money received from father as a gift would be exempt.

- Show the amount as gift subject to the application of cash limit of Rs.2 lacs.

Dear Sir,

Hope you are doing well !!

Gifts from family members are not taxable u/s 56 of income tax act.

It is advisable to show the same as gift from father.  There will be no tax liability on you for receiving money from father as the same will be treated as gift money.

It is advisable to take a phone consultation for detailed discussion.