Sreenivas (Service) 20 March 2009

Help please...

I wanted to purchase a flat from my friend A. Mr.A is also purchasing a flat and was in need of funds.

I managed some funds(10) from another source. It was deposited into my account in my absence.
forcing me to give Mr.A 3cheques.

Now, I am applying for Bank loan for the flat from friend A.
My friend Mr.X cannot disclose his source. Since I am a Govt Servant, I just want to know the treatment of 10 and how to deal with it. And what is the penalty? if any..........

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7 Replies

Binod Kumar Mishra (Government Service) 20 March 2009

Dear friend,

being a government servant you have made such a mistake. you must think over yourself.

A V Vishal (Advocate) 20 March 2009

Srinivas I have replied your query As for the penalty, the I T dept can treat this ten as undisclosed income and tax you. further there can be repercussions from the dept u work for

vijay dhiman (advocate) 20 March 2009

if u cash deposited in ur account then the same amount of panelty charged by u otherwise the payment deposited in ur account by cheque or by any draft then u may save this panelty

Sreenivas (Service) 20 March 2009

i.e. Penalty is re 1 for 1...???

Binod Kumar Mishra (Government Service) 20 March 2009

Dear Sreenivas,

It is not clear that the amount is RS. 10, or
Rs, 100 or Rs. 1000 or Rs. 10000 or Rs, 100000 or Rs, 1000000. anyway
whatsoever is the amount. you do the things which i am suggesting.

Please
obtain true copy of the bank challan by which the amount was
deposted in your account to,prove that the amount was not
remitted into the acount by you.

Secondly
you must get a stamped affidavit attested by notary from your
friend to the effect tha he deposited the amount in
his account.. after that your friend need to disclose the
source from which he got the amount and deposited into your account.

one
more thing today banks do not accept cash remittance of more
than 50000 in a deposit account. They would also demand from the
depositor of the cash to furnish his PAN number.

by these remedy you may be out of any type of danger.

M. PIRAVI PERUMAL (Advocate & Consumer Rights) 20 March 2009

Already answered in expert section.

K.C.Suresh (Advocate) 22 March 2009

It is the not the penalty that matters. You may go through S. 13(1)(e) of Prevention of Corruption Act, 1988. You are answerable for Disproprotionate Aset case for unlawful source of income with out recipt it lawfully.