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ITR FORMS ASS YEAR 2020-21

This query is : Resolved 

DEAR SIR,

ITR FORMS OF ASSESSMENT YEAR 2020-21 IS RELEASED OR YET TO BE RELEASED.

REGARDS


Yet to be released in view of extension due to Covid 19.

thank you sir,

further one more clarification sir, father transferred some amount to partnership firm of comprising his two sons and his wife. so how can be treated amount whether accounting as unsecured loan or gift to his sons and wife. in future they can be repay the amount to his father. once repaid any if simple interest to be payable for that unsecured loan for firm expenditure.

thanking you

regards

Treat it as gift to sons and wife and credit it to their capital account no tax payable.

thank you sir valuable replies

regards

Welcome..................


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