Loan to father
This query is : Resolved
11 February 2021
I am an Nri.
I gave a loan to my father in INR through bank transfer which he imvested in share trading. He will be paying interest at 14 % to me by bank transfer.
Is an agreement needed for this loan for income tax purposes?
If so is agreement in paper enough?
Should it be registered?
I gave a loan to my father in INR through bank transfer which he imvested in share trading. He will be paying interest at 14 % to me by bank transfer.
Is an agreement needed for this loan for income tax purposes?
If so is agreement in paper enough?
Should it be registered?
28 September 2021
Yes, a confirmation of loan with details like amount, date etc. on plain paper, signed by both of you need to be kept handy.
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
- TDS Challan - change of FY 2025-26 to TY 2026-27
- Gst registered proprietorship firm
- Price inclusive or exclusive of GST while made entry in P& L Account
- AUDITOR APPOINTMENT FOR THE YEAR ENDING MARCH 27
- Minimum tax payable to file Updated return
- Non filing of I T Returns
- UDIN ISSUE
- Salary from Qatar in Dollars in India
- Tax rate change regarding
- SALARY CAN BE CAPITALIZE
- How to Handle Active E-Invoices in GST Portal Deleted from Tally?
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Starting trading business
- 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
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
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
