Loan can be given by spouse in propriter

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Accounts worker (Querist)
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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 ?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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08 October 2015 Yes it is allowed as it is in the form of cheque.

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RAHULSMITTAL

RAHULSMITTAL (Expert)
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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

Accounts worker (Querist)
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09 October 2015 Thanks a lot for help.

and can we pay commission to spouse from proprietorship firm.

RAHULSMITTAL

RAHULSMITTAL (Expert)
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09 October 2015 Yes, if it is based on professional services and the amount is basically genuine fees otherwise not.

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