ITR FORMS ASS YEAR 2020-21

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This query is : Resolved

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The discussion addresses the release status of ITR forms for Assessment Year 2020-21, noting they are yet to be released due to COVID-19 extensions. It also clarifies a query regarding funds transferred from a father to a partnership firm owned by his sons and wife, advising it should be treated as a gift to the individuals and credited to their capital accounts, with no tax implications.

raghavendra b

raghavendra b (Querist)

27 May 2020 DEAR SIR,

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

REGARDS

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

27 May 2020 Yet to be released in view of extension due to Covid 19.

raghavendra b

raghavendra b (Querist)

27 May 2020 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

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

27 May 2020 Treat it as gift to sons and wife and credit it to their capital account no tax payable.

raghavendra b

raghavendra b (Querist)

27 May 2020 thank you sir valuable replies

regards

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

27 May 2020 Welcome..................

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