section 269ss or gift
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
26 June 2010
A plot is purchased by two person jointly and paid the amount of plot equally, however the registry amount is paid by only one person. what would be the implication of this transaction? whether the registry amount paid by the person will be loan to another person or will be considered as gift?
26 June 2010
If it is treated as gift, provisions of Sec. 56(1)(v) (that is gift from non relatives mentioned in the proviso) will come into play. If it is treated as loan provisions of Sec. 269SS would apply. However it depends the quantum of loan, reltaive or non relative as defined in the section etc.
CA G. SURYANARAYANAN
CA G. SURYANARAYANAN
26 June 2010
Here the relation between two person are not mentioned. If the those persons are brothers, no problem if it is treated as gift. Otherwise, section 56(1)(v) applies.
If you treat it as loan: Since the amount paid to the registror,a body of government, the provisions of section 269SS will not apply. When you repay the amount and the amount exceeds Rs20000/-,including interest, Provisions of Section 269T applies and so you have to repay by way of Crossed account payee cheque or Demand draft.
If you treat it as loan: Since the amount paid to the registror,a body of government, the provisions of section 269SS will not apply. When you repay the amount and the amount exceeds Rs20000/-,including interest, Provisions of Section 269T applies and so you have to repay by way of Crossed account payee cheque or Demand draft.
27 June 2010
As the joint owners have to pay the registration fee and one of the owners paid for the other, the question of Government payment will not arise and source of funds to the other co owner shall be considered to determine the applicability of Sec.269SS or otherwise.
CA G. SURYANARAYANAN
CA G. SURYANARAYANAN
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
- Reporting Income under Section 44ADA
- Off Market debit and credit transaction
- ITR 2 Short Term gain & Long term gain
- Itr 1 processing
- Showing Gift from relative in ITR for this year
- Share accounting-->fifo - capital gain - period as per fifo?
- ITR selection for salaries and capital gain less than L
- INCOME TAX ON REDEVELOPEMENT OF FLAT
- Short Term Capital gain on shares bought and sold after 2018 onwards
- Form 10E u/s 89(1). Need clarification because experts opinions differ !!!!
- ITR validation error - Balance sheet is not filled
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- 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
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
