If a person is having a pending loan can this loan be repaid by her mother in a single transaction. Later in a spam of 4-5 years the person will return her back the amount which she has transferred to the loan account of his son. His mother's name is nowhere mentioned in the loan account. The loan amount balance is of 1 cr.
Is it ok if this transaction happens. Will there be any compliance issue for them from Income tax.
08 June 2023
Better option would be to take the amount from mother, and repay the loan amount by son himself. All transactions should be through banking channel.
CAclubindia
