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
- About TDS & Income Tax
- Scrutiny and reopening of past returns
- Tax on Deemed Capital Gain
- Regarding ITR filing with more value than showing in AIS/TIS
- Booth for sales promotion
- Type of Capital Gain
- F & O PROFIT REPORTING FOR AY 2026-27
- Exiting partner in partnership firm in gst portal
- FEMA regulation Act. for inward remitance
- Difff in ais receipts and gst turnover
- Can a single LLP in India legally operate multiple unrelated businesses (Travel, Cloud Kitchen, Ecom
- Housing Society-ITR5
- TDS on Rent received on redevelopment of building
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
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
