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Loan

This query is : Resolved 
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(Querist)
17 December 2013 Dears
Whether it is possible for a proprietory firm can accept loan on profit sharing basis by a/c payee cheque or draft. that is for loan amount of Rs.500000 contributed by Mr A into proprietory firm of B Mr A will receive 40% profit of the proprietory firm. Is there any problem under IT Act. How it is treated
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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
17 December 2013 It may not be treated friendly by the IT Department.
.
Such sharing of profit can be tantamount to
a partnership or an AOP and may be subjected to higher rate of Tax.
.
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