Borrowing from relatives
This query is : Resolved
09 December 2024
Father got money from his son and daughter in law as zero percent loan for 10 years.is there any tax liability either side? What type of documents required?is document compulsory?
09 December 2024
There is no tax liability as such, but ITO has right to add the interest component to the loan givers account for tax assessment.
Loan confirmation letters from loaners with bank statements, as and when asked by ITD.
Loan confirmation letters from loaners with bank statements, as and when asked by ITD.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Tax Audit Applicability – Newly Formed Partnership Firm with Profit Below 6%/8%
- TDS CREDIT MISMATCHING
- Buy back of shares u/s69
- HOUSING LOAN ISSUE
- EMI ISSUE IN HOUSING LOAN OLD REGIME
- Taxability of Partnership firm for FY 2025-26
- LIC maturity claim whether taxable
- Carriage Road Act, 2007 read with Carriage by Road Rules, 2011
- Sec 44ada applicable only or both
- Need Professional Opinion - AY 2012-13 Old Demand & AY 2026-27 Refund Adjustment
- Same demand raised for original as well as rectification request return
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
- Tax Demand of ₹4,650 for AY 2026-27
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
