Income tax details
This query is : Resolved
19 February 2013
A propritor conducting the transport business then he receives loan(amt - 3830000) from relatives without interest for construction of house, whether or not taxable for the propritor receives loan amount (3830000)?
A propritor conducting the transport business then he receives loan(amt - 3830000) from relatives without interest for construction of house, whether or not taxable for the propritor receives loan amount (3830000)?
19 February 2013
As such no as long as the transaction is covered by proper loan documentation
regardless, if the relative is covered under the definition of relative as defined under section 56, the money received even in absence of any loan documentation can't be taxed in the hands of the recipient
regardless, if the relative is covered under the definition of relative as defined under section 56, the money received even in absence of any loan documentation can't be taxed in the hands of the recipient
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