Can I take loan from my relative?

Save Share

This query is : Resolved

BALAI THAKURA (Querist)
Follow

21 November 2019 I am a partner of a partnership firm. Can I take loan from my relative (other than father, mother, brother, sister & wife)?, then I invest in my partnership firm as a capital is it possible??? please advice me??

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
Follow

21 November 2019 Yes from relatives defined under income tax.

BALAI THAKURA

BALAI THAKURA (Querist)
Follow

24 November 2019 Thank you sir. I want to know, as per income Tax rule "son of father's sister" is relative ??

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
Follow

24 November 2019 Not a relative........

BALAI THAKURA

BALAI THAKURA (Querist)
Follow

24 November 2019 Thank you , But I have already received some amount from him(more than 2 lakhs) this year, now further I want to receive more amount for my partnership business through my account. Then any problem (in point of IT act.)??

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
Follow

24 November 2019 Take the amount through father's sister.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!