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Loan can be given by spouse in propriter

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(Querist)
08 October 2015 Dear All,

I am in confusion for below-

A proprietorship firm can take any Loan by cheque from Spouse ( Wife / Husband ). is it allowable under Income tax ?

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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
08 October 2015 Yes it is allowed as it is in the form of cheque.
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RAHULSMITTAL

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RAHULSMITTAL (Expert)
08 October 2015 All the loans through cheque are accepted under income tax few restrictions under companies law. In some exceptional cases even cash loans are allowed.



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Accounts worker

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Accounts worker (Querist)
09 October 2015 Thanks a lot for help.

and can we pay commission to spouse from proprietorship firm.
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RAHULSMITTAL

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RAHULSMITTAL (Expert)
09 October 2015 Yes, if it is based on professional services and the amount is basically genuine fees otherwise not.

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