Details are required
This query is : Resolved
05 December 2012
Dear sir,
whether or not chargeable to the tax in the following case?
the assessee is borrowed money from relatives as a loan for the amount of 22 lakh for construction of his house without interest.
1. If yes, what section to be covered?
2.If No, what is the reason?
Dear sir,
whether or not chargeable to the tax in the following case?
the assessee is borrowed money from relatives as a loan for the amount of 22 lakh for construction of his house without interest.
1. If yes, what section to be covered?
2.If No, what is the reason?
05 December 2012
As loan is not a permanent transfer of money.
Hence clubbing provisions shall not apply.
Therefore income generated from such house property( whether rent or on sale ) shall not be clubbed and shall be taxable in the hands of assessee.
Hence clubbing provisions shall not apply.
Therefore income generated from such house property( whether rent or on sale ) shall not be clubbed and shall be taxable in the hands of assessee.
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
- GSTR-1A How to update Invoice
- Excess salary payment.
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- TDS on Purchase of Immovable Property by NRI from NRI
- Capital gain from sale of house property
- Stamp Paper for partnership firm change new income tax 2025
- Current Account Opening for Sole Proprietorship with Udyam Certificate - Zero Turnover
- SFT Cash Deposit in Current Account
- FORM 26A APPLICABILITY
- Value of property in capital gain
- GST Treatment of Insurance Commission for Existing GST Holder
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
- Address Change to another state of a Registered Trust with 12AB approval
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
