Loan from wife and sons
This query is : Resolved
23 July 2014
Sir
In sole properietorship concern whether the properietor can take loan from wife and sons who are doing job
Whether he can also give interest to wife and sons and claim deduction
what should be interest% is there any income tax rule in this regard or it is their own will
In sole properietorship concern whether the properietor can take loan from wife and sons who are doing job
Whether he can also give interest to wife and sons and claim deduction
what should be interest% is there any income tax rule in this regard or it is their own will
23 July 2014
Yes the proprietor can take loan from wife & sons in the concern & can also claim deduction on it. Rate of interest is as per mutual agreement & IT Act does not specify any rate in this regard.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Section 54F - Exemption on LTCG in 2026 for HP purchased in 2023
- STCG....................................................
- TAN for Partnership
- Sales return eway bill
- Treatment of Pension ?annuity returns on PMVY
- AMOUNT RECEIVED UNDER COMPULOSRY ACQUISITION OF AGRICULTURAL LAND
- AY 26-27 ITR-4 FILING U/S 44-ADA
- Plot of land. Cost of Acquisition
- REGARDING GST LIABILITY/....
- LTCG for Assmt year 26-27
- Gst invoice numbering and delivery challan numbering
- Standard Deduction claim for EPFO Pension and ICICI Prudential Life Annuity
- Small dealers gst returns filing
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
