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Business loan

This query is : Resolved 
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(Querist)
14 December 2018 A Non Audit assessee has taken 6 lakhs business loan from private bank and Gifted 3 lacs to son and balanc utilized for Business. What are its implications?
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Z

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Z (Expert)
14 December 2018 1. Is son a major or minor?
2. Perhaps Terms and condition of the loan have also been violated since it was not utilized for the purpose it was taken. Analyze the implications as per the terms.
3. Further, the interest payment for the loan shall be allowed as a deduction only for so much of the principal as is attributable to its use in the business.


prateek63@yahoo.co.in
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