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.
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.
CAclubindia
