Sir,
It assessess new residential house construction value rs:1.50 lacs f.y.24-25
Funds loan from bank rs:1 crores
Un secured loans different persons each person rs:19,000/- total rs:50 lacs received
Question:
Assessess un secured loans different persons for construction purpose sec 68,69 provision applicable for it act.
Sections 68 and 69 apply when the source of income or funds cannot be explained. Since you have received loans from different persons, it is important to maintain proper documentation, including loan agreements, details of lenders, and bank statements if the amounts were received via bank transfer. Additionally, ensure that all construction expenses are recorded with proper bills and invoices.
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