Interest paid to relatives
Querist : Anonymous
A doctor who has taken loan from freinds & relatives amonting to Rs.17,50,000/- Is interest will be paid to such people @ 8 % . In his Balance Sheet as on 31-03-2011 there is an accrued interest amonting to Rs.1,44,000/- which is due to this people. The loan is used for the purchase of Residential Propoerty.Kindly let me know what are the pros & cons of such transcation !
Querist : Anonymous
As replied by you that the interest amount will be disallowed then please let me know whether Revised return can be filled to rectify this mistake and if YES then what is the time limit to file revised return and what are the legal impact of such action ?
Revised return can be filed before the expiry of one year from the end of the AY.
For instance for AY 11-12 revised return can be filed upto 31.3.2013.
However, in this case, revised return will result in increase in income & is bound to be questioned by the assessing officer.
Querist : Anonymous
Let me know what will be the best possible course of action in this case, if interest will be disallowed then also one has to pay tax on the disallowed expenditure or what will be the best suggest me please ?
Thanks .
Querist : Anonymous
In books of accounts it is shown under fixed assets . and interest amount is shown under expenditure side ?
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