lonns and advances
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
27 June 2011
sir
i want to know "how much loans amount shown in Balance Sheet of an individual" for tax purpose.is there limit? if yes then what is max amount.
i want to know "how much loans amount shown in Balance Sheet of an individual" for tax purpose.is there limit? if yes then what is max amount.
27 June 2011
(All amounts are in Lacs)
Case -1
Suppose you are a person.
You are having Rs 100/- with you.
You are desirous of giving loan to anybody.
How much maximum you can give ?
*
Case -2
Suppose you are the person.
You are having Rs 100/- with you.
You are having a great desire of giving loan to anybody of Rs 200/-.
How will you manage to give?
*
In 2nd case you will borrow at least Rs 100 form others.
But the said amount should be borrowed by you from such a person who is just like you, having income tax file, having a capacity to lend as well as having money and the transactions should be done by account payee cheques only.
*
So , basically there is no limit for taxation but one should understand his own limitations while lending the money to others.
Case -1
Suppose you are a person.
You are having Rs 100/- with you.
You are desirous of giving loan to anybody.
How much maximum you can give ?
*
Case -2
Suppose you are the person.
You are having Rs 100/- with you.
You are having a great desire of giving loan to anybody of Rs 200/-.
How will you manage to give?
*
In 2nd case you will borrow at least Rs 100 form others.
But the said amount should be borrowed by you from such a person who is just like you, having income tax file, having a capacity to lend as well as having money and the transactions should be done by account payee cheques only.
*
So , basically there is no limit for taxation but one should understand his own limitations while lending the money to others.
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
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
