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.
CA PARAS BAFNA
(Expert)
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
- Query on effect of registration of property
- Due date for filing return for the partner in partnership subjected to Tax Audit
- Visiting card purchase
- GST on reimbursement of expenses
- Additional trade name
- Goodwill transfer of deceased father’s firm – ICAI applying a 27.04.2026 cut-off to the 3 year limit
- Wrong CMPo8 file
- Whether output tax is taken credit by purchaser
- Number of years as per AS amortisation of Goodwill
- Equity Share Sale and Purchase
- Classification of income of P Ltd company as business or profession
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
- How to get money back from delisted company
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
