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FATHER ISSUED CHEQUE TO SON PARTNERSHIP FIRM

This query is : Resolved 

DEAR SIR,

MY FRIEND RUNS A PARTNERSHIP FIRM THE PARTNERS ARE IS HIS MOTHER, AND BROTHER. SO HIS FATHER IS NOT A PARTNER OF THE FIRM HE IS SENIOR CITIZEN. FOR THE PURPOSE OF FIRM SOME MONEY IS URGENTLY NEEDED. SO HIS FATHER GIVEN RS 100000/- CHEQUE IN THE NAME OF THE FIRM.

MY DOUBT IS HIS FATHER IS NOT A IT PAYER AND HE RETIRED FROM BUSINESS SO MANY YEARS AGO. SOME LIC AMOUNTS MATURED IN THE NAME HIS FATHER THE AMOUNT TRANSFERRED TO FIRM ACCOUNT FOR SOME HELP. SO HOW TO TREAT THIS AMOUNT WHETHER TO ACCOUNT AS A UNSECURED LOAN OR IF GIFT PARTNERSHIP FIRM NOT A RELATIVE U/S 56(2).

PLEASE GUIDE ME

REGARDS


1) If repayable, treat it as unsecured loan.

2) if not repayable, treat as a gift from father to son and route the entry through the capital a/c of son.

thank you sir,

if he wants to repay the amount should we collect any simple interest on unsecured loan or just repay the principal amount or if we considered to be a gift from his father because his elder brother also partner in the firm all are equally invested the capital amount.

in this regards please guide me

thank you sir


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