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.
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.
11 July 2009
Clubbing can be done only in that case when there is no source of income for the other partner.
11 July 2009
Clubbing section does not apply. ITO can not add the notional income.
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
- Itr 1 processing
- Off Market debit and credit transaction
- Showing Gift from relative in ITR for this year
- Short Term Capital gain on shares bought and sold after 2018 onwards
- Share accounting-->fifo - capital gain - period as per fifo?
- ITR returnFY25-26
- ITR 1: Details for showing Exempt Income
- ITR selection for salaries and capital gain less than L
- ITR 2 Short Term gain & Long term gain
- INCOME TAX ON REDEVELOPEMENT OF FLAT
- Reporting Income under Section 44ADA
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- Tax liability on income of freelancer
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
