Loan liability
This query is : Resolved
Sujal Patel
(Querist)
18 September 2011
Can i take a loan against any asset (house, share and securities, FD, etc) which in name of my family member and show that loan account in my books of accounts?
I mean does it matter as far as taxation dept is concerned to have a loan in your name with the asset against which loan is taken is in my family members name.
Thanks for the time.
I mean does it matter as far as taxation dept is concerned to have a loan in your name with the asset against which loan is taken is in my family members name.
Thanks for the time.
CA. Nitin Agrawal
(Expert)
18 September 2011
No it certainly does not matter.
There is no compulsion that the loan given to and the collateral should be of same person.
Even in most of the cases it happened that property mortgaged is in others name.
Now cheers
There is no compulsion that the loan given to and the collateral should be of same person.
Even in most of the cases it happened that property mortgaged is in others name.
Now cheers
Message likes :
1 times
18 September 2011
Yes loan can be taken against the assets of other family members. Take their consent and pledge as third party collateral security. In this case the interest rate shall be higher
Message likes :
1 times
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
- Depreciation Chart Companies Act
- GST Audit whether Govt Companies are exempt?
- PTRC Show Cause Notice on Email
- Unable to File TDS Q2 Return – New TRACES Portal Error
- Capital Gail Exemption Certificate
- Issuing of delivery challan by seller of goods
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- Taxation of crypto futures in India Fy 2026- 2027
- EPF ECR NEW RULES Sep 17th 2026
- Transfer of Physical Stock Between Two Proprietorship Concerns
- Accounting treatment of AMC alongwith the purchase of Laptop
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
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
