Live Course on Drafting of Appeal and Reply of Penalty Notice by CA Sachin Sinha. Register Now!!

Itr 2

neeraj (no) (392 Points)

08 July 2014

sir, q1 My dividend income is more than 5000, so do i need to file ITR 2. q2 I have only interest income from firm and bank and dividend income....are Bank charges deductible from my income. q3 Can we give interest free loan to relative or non relative for personal purpose. q4 If we have taken interest free loan for purchasing securities....is there any special section....

Reply
Follow
Share

4 Replies

Tribhuvan Aditya Singh (Student as well as Self-employed) (3710 Points)
Replied 08 July 2014

1. yes, itr-2...... 2. yes, deductible... 3. yes, you can give but if loan amt is more than 20000 then through cheque only otherwise either cash or cheque..... 4. section 269.

Tribhuvan Aditya Singh (Student as well as Self-employed) (3710 Points)
Replied 08 July 2014

section 269 deals with loans generally and not specifically on interest free loan for purchase of security.

neeraj (no) (392 Points)
Replied 09 July 2014

Originally posted by : Tribhuvan Aditya Singh
	section 269 deals with loans generally and not specifically on interest free loan for purchase of security.

if i am filing return of individual then can i give interest free loan in cash of rs. 100000.

if i had already given then what is the consequences

Tribhuvan Aditya Singh (Student as well as Self-employed) (3710 Points)
Replied 09 July 2014

not in cash my friend.... cheque is mandatory for this amt..... if already given then there are two chances... first if i.t.dept. does not find this fact, then no problem.... second if i.t.dept. finds this fact, then it will be added to your income of the year in which loan was given and then penalty proceedings will be initiated.