My nephew ran a factory before few years and had taken a hypothication loan for his machinery. My dad became a guarantor in this loan. Over the time things didn't go well and my nephew sold off all the hypothicated machinery. Also his condition is pretty bad and he doesn't have any property in his name as well.

Now the bankers are pressurizing my dad to pay the loan or else they will get attachment on our properties and auction it off.

Some of the points to ponder in the matter are:

1) Since the hypothication was done on movable goods, bank officials should visit the site regularly and see the hypothicated goods are in order. If any fraud is found they should file a complaint with police.

Even after 5 years of sale of the hypothicated goods, bank has still not given any complaint to police.

2) The properties that my dad has are
a) My house which is actually in name of my dad's HUF, my mom, myself and my wife are other members of HUF
b) My factory which infact is run in a rented shed.
c) Machinery of my factory. My factory is Proprietorship firm and my dad is the Proprietor.


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Since the bankers have not complained to police I believe that some of the officials were corrupt and didn't let the facts to surface. Can my dad be released out of his guarantor liability since it were the bank officials who didn't follow the procedure at the right time and my nephew got chance to sell off his factory as well.

Can bank get attachment on my house (HUF Property)? We do not have any other residential property.

Since it is internal matter, can I sell off all the machinery in name of my father's company to another company which is in my name?

Dear Sirs & Friends,

Please give me tips to save income tax of a firm, Thanks to all in advance.

Best Regards,
Yajuvendra Rawat

I would like to do my industrial training in standard chartered bank, scope intl, chennai...please tell me how to proceed and whome to contact as soon as posible.
Thankyou

Hello Evryone..!

Suppose if an NRI Person Earns " x " Amt in his country & he Gifts some Amt of it say " y " to his Grandparents who are In India will the same be Taxable in India ??

& Secondly if the that same Amt is Gifted to his Friend (Non- Relative) in India then here will it be taxable..

Thanks alot in advance..

An assessee intends to borrow loans from his friends abroad for his business use. Are there any restrictions in Income Tax Act or FEMA.

I am govt servant and income tax payee .I fixed 100000/ in sbi in sept 2012.the bank asked me to fill form 15 G which I filled.Am I right or what should I do

sir,
A trader purchases goods worth about 50000 and make immediate payment in cash it can be written in single transaction or more than one.

1. whether a gift received from a HUF to an individual in which his grand father is a karta is exempt from tax?
2. whether a gift received from a HUF to an individual in which his uncle is a karta is exempt from tax?

Hello there,
I was registered in pcc in nagpur and complited my articleship too.As this nov12 was the last attempt for Pcc,I need to be converted into ipc.

I have already sent the conversion form with reqiured DD to mumbai office.

I have also filled the exam form online and the fees is accepted too.But i have a doubt that since i havnt got any acknowlwdgement of conversion,what should i do to confirm my eligibilty for this may 13 exams.

Please help.

I have incorporated a company having share capital of rs 100000 and paid stamp duty at the time of incorporation. I have issued share certificates containing 10*10000. Now i have nerd to pay stamp duty on share certificates or not. If what is the rate in up. Pls reply.
Regards.....
Abhishek