Loan with interest to wife?
This query is : Resolved
Kapil Khanna
(Querist)
13 July 2011
Lets say I lend money to my wife and charge a nominal interest (say 5% p.a.). My wife uses this for business / investment (as proprietor) and earns profit at 20% p.a.
Will wife's income (from business / investment) be clubbed with my income?
Please advise.
Will wife's income (from business / investment) be clubbed with my income?
Please advise.
CA Navin Jain
(Expert)
13 July 2011
If u have given the loan to your wife for business purpose then provision of clubbing income not attracted
Kapil Khanna
(Querist)
13 July 2011
Is there a problem if I dont charge interest on the loan?
Please advise.
Please advise.
CA Navin Jain
(Expert)
13 July 2011
not any problem if you donot charge to interest
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