saurabh mishra (1 Points)
06 April 2017Hi
My cousin used my credit card to purchase a new iPhone because of some cashback offer on one of the e-commerce sites. Now he regularly pays the monthly respective amount due against the card. I want to understand if this will be counted as an income against my ITR.
Please advise if I should allow others to make purchase using my credit cards and if it'll harm my rating ahead
CA CS Chirag
(Practicing CA)
(834 Points)
Replied 06 April 2017
it will be treated as loans and advance, as you have paid on behalf of him you can recover the same, treat it as loans and advance(Assets) and the amount received will be set off against that account, if you are receiving more than what you have paid it will be your income
Dixit
(CA Final)
(2405 Points)
Replied 06 April 2017
| Originally posted by : CA CS Chirag | ||
 |
it will be treated as loans and advance, as you have paid on behalf of him you can recover the same, treat it as loans and advance(Assets) and the amount received will be set off against that account, if you are receiving more than what you have paid it will be your income |
 |
CA Neha Agrawal
(CA)
(825 Points)
Replied 06 April 2017
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