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
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
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- Opting our of sec 44AD
- Value of property in capital gain
- Copyright software
- LC charges in relation to Asset purchased should be Capitalised ?
- SALE OF MOTOR CAR BY REGISTERED INDIVIDUAL
- Transporter Declaration form
- Regarding TDS Applicability For Director Remuneration
- Multiple trade mark
- TDS APPLICABILITY......
- 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
