Bank account related
This query is : Resolved
03 March 2012
my client have recently open a new joint bank a/c with his wife in which he will transfer fund of her mother who had died one month before & wants to issue cheques to some other party ( loan) now he wants to give loan to that party who is a partnership firm & want to record loan in two different name can my client give two chq one bearing his sign and another of wife.for loan adjustment.what will be the tax implication on this whole issue
is wife's income (interest) will club in his hand??can he do such transaction. expert advice required.
as mother was senior citizen no retn filed ( as income was under the income tax slab)
thanks in advance.
is wife's income (interest) will club in his hand??can he do such transaction. expert advice required.
as mother was senior citizen no retn filed ( as income was under the income tax slab)
thanks in advance.
O.D.SHARMA
(Expert)
04 March 2012
Loan can be given but income will be of 1st holder in Joint account.Even if cheque issued by any one.
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