What if anyone make FD of money received from his/her friend? Is that received money added to income of that person who received it?
Example:
If person A earns 1 lakh/month and person B earns 40k/month. Person A transfers 70k/month to Person B's bank account and so on.
Now Person B opens multiples FD of 2 lakh each in his/her own bank account and earns let say Rs.52k as interest (from all FDs) after 1 year .
That FD amount includes the amount earn by person B as well as amount received from person A.
So, Is there any chance that Person B will get income tax notice? And what all things need to mention while filing ITR by Person B to avoid any notice?
Example:
If person A earns 1 lakh/month and person B earns 40k/month. Person A transfers 70k/month to Person B's bank account and so on.
Now Person B opens multiples FD of 2 lakh each in his/her own bank account and earns let say Rs.52k as interest (from all FDs) after 1 year .
That FD amount includes the amount earn by person B as well as amount received from person A.
So, Is there any chance that Person B will get income tax notice? And what all things need to mention while filing ITR by Person B to avoid any notice?