Loan can be given by spouse in propriter
This query is : Resolved
Accounts worker
(Querist)
08 October 2015
Dear All,
I am in confusion for below-
A proprietorship firm can take any Loan by cheque from Spouse ( Wife / Husband ). is it allowable under Income tax ?
I am in confusion for below-
A proprietorship firm can take any Loan by cheque from Spouse ( Wife / Husband ). is it allowable under Income tax ?
CA R SEETHARAMAN
(Expert)
08 October 2015
Yes it is allowed as it is in the form of cheque.
Message likes :
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RAHULSMITTAL
(Expert)
08 October 2015
All the loans through cheque are accepted under income tax few restrictions under companies law. In some exceptional cases even cash loans are allowed.
Accounts worker
(Querist)
09 October 2015
Thanks a lot for help.
and can we pay commission to spouse from proprietorship firm.
and can we pay commission to spouse from proprietorship firm.
RAHULSMITTAL
(Expert)
09 October 2015
Yes, if it is based on professional services and the amount is basically genuine fees otherwise not.
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