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Personal loans.

This query is : Resolved 
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(Querist)
30 January 2012 Respected Sir,

if Mr.A is employee receiving salary of Rs. 9500/- pm i.e 114000 pa. + bonus of Rs.10000/- pa.

Also he received security charges of Rs. 20000/- pm but chq. is received in the name of his son B [ who is minor ]. i.e 240000/- p.a.

Now my question is can he take PERSONAL LOAN by including his son (B) minor income in the INCOME TAX RETURN.

its urgent plz help me.
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Ravikant

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Ravikant (Expert)
30 January 2012 Minors Income shall be rightly clubbed with Mr.A's Income.

Whether Personal Loan will be provided on the basis of the Total Income - Depends on the Banks Policy.

Clarify the Bank's Stand.
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