Interest u/s-24(b)
This query is : Resolved
19 August 2014
Q1) Should an assessee required to satisfy the following pre-requisites for claiming interest on capital borrowed from father u/s-24(b)?
i) Loan Agreement with the father in non-judicial stamp papers of Rs.50/- or Rs.100/-
ii) Taking & repaying of loan from / to father through banking channels
iii) ITR of father should be filed showing the interest income even if GTI doesn't exceeds maximum exemption limit
Q2)In case the assessee doesn't bothers about claiming interest deduction u/s-24(b), can he /she gets an interest free loan from the father as i have read in some legal websites that for charging interest the lender should obtain a license as a moneylender?
i) Loan Agreement with the father in non-judicial stamp papers of Rs.50/- or Rs.100/-
ii) Taking & repaying of loan from / to father through banking channels
iii) ITR of father should be filed showing the interest income even if GTI doesn't exceeds maximum exemption limit
Q2)In case the assessee doesn't bothers about claiming interest deduction u/s-24(b), can he /she gets an interest free loan from the father as i have read in some legal websites that for charging interest the lender should obtain a license as a moneylender?
19 August 2014
It is fine
.
.
you can pay interest to father and can take loan in your name
.
.
and can show interest as income in your father ITR
.
.
There is no problem in this
.
.
you can pay interest to father and can take loan in your name
.
.
and can show interest as income in your father ITR
.
.
There is no problem in this
Message likes :
1 times
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
- TDS 194-T applicability
- GST ITC REVERSE
- Fixe term employment
- Is any professional CA is here please reply
- Foreign lottery ticket bought online from India: legality, tax and consequences
- Putting a heading on received mail
- Consolidated financials
- Reprocessing of rectification order AY 2025-26
- Section 50-fixed asset-->building ceases to exist
- EXPORT BILL UNDER LUT FREIGHT CHARGE INCLUED IN INVOICE IT LIABLE TO TAX
- TDS on TRUST
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
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
