Useing the credit card on behalf of me.
This query is : Resolved
15 May 2014
Dear Sir,
My Brother is using my credit card on behalf of me every month approximate 1 Lakhs 50K for his commercial work. I am doing job, I am getting taxable salary & file ITR every year. I am not taking any benefit from my brother. Kindly advice, How can It is done, So that ITO can not take any action or wrong way.
My Brother is using my credit card on behalf of me every month approximate 1 Lakhs 50K for his commercial work. I am doing job, I am getting taxable salary & file ITR every year. I am not taking any benefit from my brother. Kindly advice, How can It is done, So that ITO can not take any action or wrong way.
16 May 2014
I would advise that you show the money used by your brother as loan. this would safeguard you and your brother from any tax exposure...
22 May 2014
Credit card transactions are virtual transactions electronically . So either used by card holder or by anybody else ( here it is brother), the liability lies with card holder only. So the card holder is to consider his card transactions in his tax filing.Hence avoid using credit card by others.
or
As suggested by Mr. Nikhil , you need to create a loan deed in advance for each transactions in principal.
or
As suggested by Mr. Nikhil , you need to create a loan deed in advance for each transactions in principal.
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