Loan to mother

This query is : Resolved

VINIT AGARWAL (Querist)
Follow

25 July 2012 I have one query regarding loangiven to my mother. My mother has purchased a residential flat. for it i have transferred some money in the account of my mother and it is shown in the balance sheet as loan. i want to know what is tax treatment in my return and if no treatment then what step should be followed by me and i do not prepare my balance sheet. plz help.

CA.Sourabh Sethia

CA.Sourabh Sethia (Expert)
Follow

26 July 2012 What is the purpose of the Loan ??
and if the amount is for personal purpose let it be how it is !
but if the amount is for any business use or otherwise then the mother can claim Interest deduction as expense
also the interest will be income in your hands

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Summarize this with AI

ChatGPT Perplexity Claude Google AI Grok

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

deepak

Sasidhar B

Aniruddha Mody

Vinod Patil

THOMAS JOHN

Subscribe Now

Loan to mother

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

GST CONSULTANT

Accountant

Article Assistant

GST CONSULTANCY

CA Final