intarest free loan from working wife
This query is : Resolved
11 July 2009
sir,
my Clint is a business man and his wife also.my Clint purchase a house taking interest free loan from his wife, what is the treatment for these transduction,ITO can take it as scrutiny assessment for clubbing of income.
my Clint is a business man and his wife also.my Clint purchase a house taking interest free loan from his wife, what is the treatment for these transduction,ITO can take it as scrutiny assessment for clubbing of income.
CA Tilak Raj Sharma
(Expert)
11 July 2009
Clubbing of income cannot be done as Wife has income source of her own and out of it she can give loan to her husband.
CA Tilak Raj Sharma
(Expert)
11 July 2009
Clubbing can be done only in that case when there is no source of income for the other partner.
Ratan Sharma
(Expert)
11 July 2009
Clubbing section does not apply. ITO can not add the notional income.
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